I love colours and bright prints. Whether I look wonderful is another question. but here are my thoughts! Agree with elQuinto that you can combine brights with something more subdued - for example I'd wear a vintage print dress with darl tights and a grey cardigan, or vibrant mustard coat with jeans and a plain grey jumper or black print blouse.
Also true about the quality thing - I love my mustard coat and it looks v classy IMO but it is posh, Hobbs, pure wool and a flattering cut. the same colour would not look as nice in cheaper fabric. The colour draws the eye and highlights the fabric surface.
And also it is easier in summer - I will wear a full length bright orange striped or pink floral dress etc. but I don't feel odd or noticeable if it's warm and sunny. Again pair the brights with a plainer background so I'd wear a dress like that with a dark or neutral cardigan or jacket, dark brown leather sandals and so on.
Maybe try getting a taste for it with more muted clothes with a bright bag or jewellery. I saw a woman once in summer, wearing a plain black midi dress, shades and sandals, with a bright, chunky orange necklace and she just looked amazing and really inspired me I shamelessly copied the look
And you could ask your colourful friend to suggest something she thinks might suit you?
The kids TV show look you refer to I think can happen with primary colours, which I instinctively avoid. My brights are all strong pinks, greens, orange, mustard, that kind of thing.