>> The age of the floppy disk backup is gone. Cloud storage is latest craze. I believe there will come a time that any local storage will become unheard of.
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>But somebody will have to buy all those hard drives... So there'll be pressure in that direction too. Specially the portable USB drives - just last month daughter bought a pocket edition of a 3T drive for around 90$. There's your backup and, hey, you don't need to know yet another user/pass to get to it.

Currently I have a 1Tb drive in my laptop. With all the various applications (Office, VS, VFP, SQL (serveral types), much more), I am only using 18% of it. But I do not do Photos or Music, so space is not a problem to me. My local backup drive is a 64meg USB stick, using less then 30%.