One thing that should be mentioned though is in the case of polynomials e.g. y ~ x + x^2, there will be a lot of multicollinearity between these terms, but that

One thing that should be mentioned though is in the case of polynomials e.g. y ~ x + x^2, there will be a lot of multicollinearity between these terms, but that multicollinearity is OK...just be sure to center your variables.