I cancelled my Spotify account some time ago due to a band I liked at the time (Thank You Scientist) having their catalogue dropped making me realize that I do, in fact, own nothing -- but I was not happy about it.
During a trip back to my parents a couple of years ago I found an old CD binder of mine that was packed full of old music that I thought I had lost, so I took that home with me and started the slow process of ripping music to my hard drive. Foregoing MP3 I decided to rip them as WAVs since I have a big disk and a pair of Sony M4s and it was like a new sonic universe had been opened to me.
I have about 200 CDs in my collection now, a lot of them old ones that I did end up losing but repurchasing. There's apparently a niche enough market for them that some arbitrage can happen. For instance, using Amazon as a spot market I found a CD for $5 used at a local book store that sells for $40 minimum at Bezosland (Dance Gavin Dance - Mothership for those curious). My mom has also come in clutch, finding Drive Like Jehu - Yank Crime at some flea market local to her and throwing it into my Christmas stocking last year.
I can't stress the quality of the music with a good set of headphones and a lossless rip. And best of all I own this music forever.
EAC with LAME to 320 kbs variable MP3 is what I did with all my CDs. I inherited 400 audio CDs from my dad when he passed, and spent a month ripping them all. I'm indifferent to FLAC vs MP3, but I generally try to find the highest bit rate MP3 I can, as 128 kbs sounds like AM radio sometimes. The few albums I have purchased recently have all been via Amazon in MP3 format. I never got into music streaming, really, but I do have a Pandora account I rarely use.