LG is currently holding a video contest called “Life’s Good When…” The contest is hosted by YouTube, and LG will be dishing out $30,000 worth of LG merchandise to the winners.

Create a 15 to 30-second video that answers the question “life is good when…” and submit it via LG’s contest page on YouTube. The top 20 finalists will be chosen by LG and given a Chocoloate phone. Their videos will then be left to the YouTube audience to pick the first, second and third-place winners.

Other contests announced today include Photobucket’s Freakin’ Friends slideshow contest, and Firefox Extend.