How do I navigate to the Preferences folder in Mac OS 10.7 or 10.8?

In Mac OS 10.7 or 10.8 the Library folder is not displayed in the Finder anymore. To navigate to the Preferences 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 Preferences Folder:
    ~/Library/Preferences

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