Or do I bite the bullet and buy the NAS, and have storage added over time?
Do you need access to the old projects currently? Can;t you offload them from "current" operational drives? OR can you just move the photos you;ve used to the current drives if you need access to the good pictures?
I'd get a 4-drove NAS, fill 2 slots with identical SSD's and the others with bigger HDD's. Mirror both sets (RAID1). Move stuff from the SSD array to the HDD array once it stops being used frequently. This way you can use relatively affordable SSD's for fast, short-term storage and also affordable HDD's for long-term storage. Both sets will be protected against hardware failure of any of the drives. If desired, you could combine this with cloud storage for off-site backup.
For off-site backup I'd lean towards cloud storage since it doesn't depend on your own discipline. In my experience, that is always the weakest link.
NAS seems overly complicated.
RAID 0 thru 10.
The NAS speed of transfer to/from will be dependent upon the speed of the LAN board in your PC.
And emphasis on the word 'backup'...over the years there have been too many cloud storage companies who went backrupt or who suddenly pulled out of the cloud storage business, some of them very unexpectedly and with little notice to its customers. Giant companies, not merely smaller thinly financed companies.
...the main factor we have to protect ourselves against, is our own failure...
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