How to change iPhoto's default folder location easily

My iPhoto library is getting bigger and bigger, and it is now consuming 20GB of my 60GB Macbook hard drive. Now is a good time to relocate the photos to an external storage location in such a way that iPhoto is still able to recognize them. There are many ways to change iPhoto's default folder location, but this is the easiest:

1. Make a backup of your current iPhoto library (/Users/yourname/Pictures/iPhoto Library/)

2. Delete the original iPhoto Library folder.

3. Launch iPhoto

4. iPhoto will not be able to find it's library, so it'll present with this dialog box:

5. Using the above dialog box, click "Choose Library" and locate your alternate iPhoto Library location.

Now that was easy!