I hope you embraced this Mother’s Day weekend, albeit living as a mother yourself, celebrating a mother in your life, or remembering one that has made an impact on you. I have always thought that my Mom had some kind of magic pill that gave her energy, always made her smile, and provided multi-tasking skills. In my mind, this pink magic pill allowed her to work a long day, take care of my brother and me growing up, and still keep her other relationships – as a wife, daughter, sister, aunt, and friend.

I eventually came to realize that there was no pill. Yup, to my dismay, no magic pill existed. Instead, it was her hard work, sacrifice, and definitely some prayers!

When it comes to our money and investing, it is easy to assume that others have gained their wealth by some magic pill. To no surprise, many people feel that you can take a magic pill for dieting too. (Side note – I read this weekend’s New York Times piece on “Why You Can’t Lose Weight on a Diet,” and mindful eating is suggested.)

Removing those who inherit large sums of wealth, most people who invest make hard choices, short-term sacrifices for long-term gain, and stay disciplined.  Let’s not kid ourselves - Having a certain level of income does help too. And, while luck and blessings sometime pay a part in reaping financial success, I want you to know that it takes work too! And, you are capable of hitting your financial goals.

Just look at one of your fellow readers, who hit a BIG goal this week:

Nicki Carr paid off $7,000 in credit card debt over the last twelve months. Nicki told me that she is now going to allocate the money she would have used to pay off her credit card to investing, and specifically in ETFs. 

Nicki asked me to share that she makes less than $75k, so if she can do it, you can too in your year of action. If you need a refresher on ETFs, check out my video!

Pay Off Debt or Invest? 

I know what you’re thinking – well, Charisse, Nicki may not have other outlays of cash that you have. You’re right – you do not know and nor do I. What I do know is that Nicki made it a top priority to pay off high-interest rate credit card debt (in her case, 22%) before investing. I agree that she made the right financial choice because the stock market has only returned 7% historically, which is a lower return than 22% on a credit card. Check out this article that goes through the math of making a decision between debt and investing.

You too can make great financial decisions!