How do I navigate to the Application Support folder in Mac OS 10.7 and 10.8?

In Mac OS 10.7 and 10.8 the Library folder is not displayed in the Finder anymore. To navigate to the Application Support folder please follow these steps:

  1. Open the Finder
  2. Go to the Menu Bar and open the "Go" menu.
  3. Select the entry: "Go to Folder..."
  4. Enter the path of the Application Support folder:
    ~/Library/Application Support

    Tip: You can display the Library folder if you press the ALT-Key while in the "Go" menu.