It all depends on how much time and money you are willing to invest in it, usually trading time for money. This can range from setting up hardware and software

It all depends on how much time and money you are willing to invest in it, usually trading time for money. This can range from setting up hardware and software for a server from scratch using old PC components that you're upgrading from on your main PC to buying a hardware/software device that already does everything (and you only need to get drives and put them in). Since I had some hardware around from an older PC upgrade and I'm generally curious and experienced with hardware and software configuration I rolled my own for now. Whichever route you go, don't forget to use something like Plex to organize your audio/video collection and access it from a multitude of devices. It's like your very own personal Netflix.