It's pretty good advice. I'd like to add that colors aren't defined in vacuum. You probably want to start with a mockup design, add some colors. Then grab those

It's pretty good advice. I'd like to add that colors aren't defined in vacuum. You probably want to start with a mockup design, add some colors. Then grab those colors and start to nail them down. Then put the updated colors back into more designs. Do this back and forth a couple of times. Do not spend too much time staring at color palettes.