In how may different ways can you color a wheel of fortune with five different colors, if it has 60 fields each containing a different value? Each color needs to be used at least once.
My answer is : $$\frac{60 \cdot 59 \cdot 58 \cdot 57 \cdot 56}{5!} \cdot 5! \cdot 5^{55}$$ First I chose $5$ fields out of $60$ to color with $5$ different colors then I paired the colors and the fields by multiplying by $5!$, and then for the $55$ remaining fields I can choose any of the $5$ colors so that is $5^{55}$. Not sure if that's correct.
You are over-counting because you may arrive at the same colouring in different ways (i.e., the picking of five fields in the first step is not unique).
Instead, there are $5^{60}$ colourings without the restriction. We have to subtract the cases where at last one colour is ignored, so we subtract $5\cdot 4^{60}$. But now we subtract all 3-colouring twice, hence add back ${5\choose 2}\cdot 3^{60}$. This is still wrong: 2-colourings were first counted, then subtracted threefold, then added back threefold, hence still need to be subtracted. So we subtract ${5\choose 2}\cdot 2^{60}$. Can you see, what correction you have to make regarding the ${5\choose 1}\cdot 1^{60}$ monochromatic colourings?
Alternatively, let $f(n,c,p)$ denote the number of ways to colour an $n$-set using exactly $c$ colours out of a $p$ colour palette. We are interested in $f(60,5,5)$. We have the recursion $$f(n+1,c,p)=f(n,c,p)\cdot c+ f(n,c-1,p)\cdot (p+1-c) $$ and the obvious boundary conditions $f(n,1,p)=1$. You can use this to obtain (or at least verify) a formula for $f(n,5,5)$.