If you're in your home folder, you can right-click any of the folders and just under "Properties" are some colors. If you click one of the colors, it will highlight the text underneath that folder. 

I was wondering if there is a way to change the color of the folder itself.

I know there is a package called folder-color, which works on Ubuntu-based systems but doesn't seem to work on elementaryOS.

UPDATE:
I just came across this blog post. The very first picture, under **0. The Desktop!**, has different color folders. Anyone know how he did that?
[https://medium.com/@alex285/7-things-elementary-os-does-terribly-wrong-in-2018-b9035df08791][1]


  [1]: https://medium.com/@alex285/7-things-elementary-os-does-terribly-wrong-in-2018-b9035df08791

UPDATE #2: I heard back from the guy who wrote that blog post. He said it was from a "WIP/Branch when elementary was trying 'colored' folders. But it didnt land on final Juno release!"  From the context, I think WIP means "work in progress" and is referring to a beta version.  It would be nice if the developers made changing folder colors a permanent option. They did say this regarding the new manila folders: "We switched from the previous blue folders throughout the OS for folders to be more neutral, **plus to open up the possibilities for more meaningful use of color in the future**."(emphasis added) in the following article: https://medium.com/elementaryos/elementary-os-5-juno-is-here-471dfdedc7b3 I would definitely like to be able to change colors of the folders.