Lipids are very diverse in both their respective structures and functions. These diverse compounds that make up the lipid family are so grouped because they are insoluble in water. They are also soluble in other organic solvents such as ether, acetone, and other lipids. Lipids serve a variety of important functions in living organisms. They act as chemical messengers, serve as valuable energy sources, provide insulation, and are the main components of membranes. Major lipid groups include fats , phospholipids , steroids , and waxes .