How can I move iTunes to an external hard drive?

Episode 948 (2:18:54)

Will from Anaheim, CA
Mac Mini

Will has a 3TB hard drive and he wants to transfer his iTunes off his Mac Mini. Leo says he can just drag the iTunes folder to the new hard drive, and then go into settings to tell iTunes the new location of the folder. Then iTunes will just reference the folder in the correct location every time it opens.