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Windows 8.1 - Open Windows Explorer in the Favorites folder

You can configure Windows Explorer to automatically open with the Favorites folder. You first need to create a desktop shortcut to the Favorites folder and pin it to the Taskbar, from there you can add your important folders/files to the Favorite folder.

Creating the shortcut to the Favorite folder:
Pinning the shortcut to the taskbar:
Add new locations to your Favorite folder:

Creating the shortcut to the Favorite folder:

Right-click on an empty area of your desktop > New > Shortcut.
In the field marked Type the location of the item, enter the following:
%windir%\explorer.exe shell:::{323CA680-C24D-4099-B94D-446DD2D7249E}

Click on Next.
Give a name to the shortcut and save it.

Pinning the shortcut to the taskbar:

Drag and drop the shortcut on the taskbar (replacing the default Windows Explorer shortcut).

Add new locations to your Favorite folder:

Open Windows explorer and select the folder of your choice (e.g the Downloads folder)
Right click on the Favorites > Add current location to Favorites.