They did a survey a few years back and Males rated a computer crash as more distressing than a relationship breakup. I will leave it to others to comment on the truthfulness of this survey.
Using a NAS (so that you have local redundancy) as your main source of long term storage is critical. These units are cheap and can provide you with both speed of access and redundancy for photos, videos, music, documents etc.
Once you have redundancy you then need a backup strategy. This can be either another NAS (in another location), tape or even one or more external drives (taken offsite).
Adobe have been pushing Cloud Services as the answer. For those who use Adobe products a lot, are well aware of their lack of even the most basic forms of support. They have always been very happy to take your money (in the case of Australia about 3 times what you pay in the US) but they have never been willing to help when things don't work as expected.
If you also read the Terms & Conditions for Cloud Services they state they Adobe does not guarantee that they will not loose all of your data. This means that you will still need to provide a backup.... if the data is important.
So if you want a long and happy relationship with your computer, think about how you will feel if you loose everything?