Is It Possible To Make Specific Words In A TextLabel Differently Colored?

I am looking to make words I choose to be specifically colored differently. Like here where I display “Magic damage is painful!”, is it possible to make the “Magic” word pink and the rest of the sentence white for example?
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I swear I had seen an announcement post by Roblox that had this feature released at least into Beta. But I can’t find it.

Any help?

Think you need to use rich text for your case

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