Tutorial: Creating a Tooltip in Unity 5 GUI / uGui 4.6

A quick tutorial on a simple way to add tooltips to your UI elements in your game. Tooltips are a quick way to help your player figure out what everything in your game does without too much interference. I noticed that OnMouseOver() doesnt work with the new Unity 5 and Unity 4.6 GUI so I went about trying to figure out how to add this functionality.