How do you change facebook privacy settings?

[cuttiemie]

Control Privacy When You Post
You can manage the privacy of your status updates, photos and information using the inline audience selector — when you share or afterwards. Remember: the people you share with can always share your information with others, including apps. Try editing your profile to see how it works or learn more

: it is located below the "whats on you mind box"
and observe that when you post it automatically selects the privacy you want.