Default Local Directory Option?

This may seem like a really simple question but I can't seem to find any option for setting the default local directory. I waste probably 45 seconds or so going through all of my file folder trees finding my upload directory. Doesn't seem like much but I upload 20+ times a day so it really adds up.

Is the capability to set your own default local directory hidden somewhere I've managed to miss?

I have added an answer to F.A.Q..