The truth is really neither when you consider that external hard drives have dropped in price dramatically over the last few years. A 1TB (terabyte- 1000 gigabytes) is capable of storing approximately 1/10th of the US Library of Congress data. Photos and videos consume a lot more space than just plain text. Invest in the largest drive you can afford. They connect with USB 3.0 and 2.0 now so this is something that will stay with your next computer. It also makes for easy backup of your hard drive. Photos are essentially irreplaceable so multiple copies are a good idea. Using an off-site storage facility as another back up is another addition to this. Store them on a friends computer or in one of the sites that are geared to this. (Google it to find one that meets your needs). DVD's can easily get misplaced or misfiled and memory sticks are really useful for temporary transport such as taking a photo library to view at a friend's house on their computer. If you library is small the memory stick will work in a pinch but store it in a safe place where you know you can find it. It's not a bad idea to store essential information in a memory stick and store it off-site such as your office desk drawer (in a labelled envelope) or in your car's glove compartment or in a relative's bookcase, for example.