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As you travel around SL, you'll sooner or later encounter the concept of "Landmarks" (or, as they're sometimed called, "LM's"). Maybe you're in a sim and see a statue with the words "Touch Here For Landmark" floating above it. Or maybe another avatar will give you a landmark -- or several.
So what the heck are landmarks, and why do they matter in SL?
Landmarks are kind of like thumbtacks you place in the giant map of Second Life, to help you keep track of places you want to remember and visit again. This is a very useful thing, since Second Life is so huge at this point -- you're going to visit so many places, and it's easy to forget where you've been, and how retunr there. Believe me, you can waste a lot of time searching around trying to locate that great shoe store you found last month.

. . . So if you discover a great spot in SL, and want to remember where it is so you can return, be sure to set a Landmark. To do that, just access your World menu. Then, select "Set Landmark Here."

This little box will appear in your screen. You can click the "X" in the upper right corner to close it. The landmark will remain in your inventory.
Now, the next time you want to return to that spot, just find the landmark in your inventory, open it up, and click "Teleport." Voila!

The other great thing about landmarks is sharing them! The next time another avatar asks you what your favorite SL places are, or where you got that great prim hair, just lay some landmarks on 'em!
You can take a landmark from your Inventory at any time, and give it to another avatar. (A copy stays in your Inventory, so you won't lose it.) Now your buddy has your recommendation, and a handy button to teleport there. Aren't you nice?