In picking parts for a computer, balance is usually a good rule-of-thumb. This also applies here, just in a different way. Balance between your CPU (central processing unit) and your GPU (graphics processing unit) can be the difference between a poor-performing system in which one component outweighs the other, or an efficient, fine-tuned machine. But when it comes to storage, it’s a matter of what you want, and what you pay.
There are two main types of storage: hard drives and SSDs (solid-state-drives). Hard drives are the most common, and thus cheaper. They are (somewhat ignorantly) judged as having poor performance, and not the best for gaming or intense work loads. This is due to their having a rotating component that transfers information much slower than an electrical current (as is the case with SSD’s). From personal experience, a hard drive wouldn’t be my first choice, but I also don’t find them lacking in any way. What if you use your computer for web-browsing, writing documents, or any other general programs? Unless you want the absolute fastest performance, or are running extremely high-performance programs such as a cinema-grade video editor, you should be just fine with a hard drive.
SSDs have no moving parts, and use only electric currents to store and transfer data. They are also harder to manufacture, costing much more than hard drives. The biggest difference you will be able to notice is shutting down, booting up, and opening programs, with the difference sometimes being as much as ten seconds.
Another big selling-point is reliability. Hard drives are much less resistant to impacts, but the rotating parts may wear out after a few years. SSDs can be severely damaged from impacts, resulting in a loss of all data, but they also last longer.
And now the big question: how much will it cost you? A 1 terabyte (1,000 gigabytes) hard drive will cost around $50, and an SSD of the same size will cost $400-600. But what if you don’t need 1TB? I’ve had a 1TB drive on my laptop, and after 3 years, I had only filled a quarter of it. While the amount of storage is like bulk pricing (the more you get, the less unit price you pay), you can also get a 256gb-500gb SSD for $100-300. For most users, the price outweighs a slight performance increase, and others may group a small-sized SSD with a larger hard drive for maximum performance for games and big workloads, while still having a cost-effective place for long term storage. It’s really up to you.