$500 build for video editing

Solution
Few changes - well kinda everything, just a sec to edit. A lot better also more value for the money.

CPU a lot better with a suitable mainboard. RAM in dual-channel, good GPU for the price and you can use it for gaming too because the GT 610 till GT 630 are useless and only thrown out money. Quality PSU and a very good SSD, very good case and quality cpu cooler which is good also for overclocking.

PCPartPicker part list / Price breakdown by merchant / Benchmarks

CPU: AMD FX-6300 3.5GHz 6-Core Processor ($117.12 @ OutletPC)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($29.98 @ OutletPC)
Motherboard: Asus M5A78L-M LX PLUS Micro ATX AM3+...
Few changes - well kinda everything, just a sec to edit. A lot better also more value for the money.

CPU a lot better with a suitable mainboard. RAM in dual-channel, good GPU for the price and you can use it for gaming too because the GT 610 till GT 630 are useless and only thrown out money. Quality PSU and a very good SSD, very good case and quality cpu cooler which is good also for overclocking.

PCPartPicker part list / Price breakdown by merchant / Benchmarks

CPU: AMD FX-6300 3.5GHz 6-Core Processor ($117.12 @ OutletPC)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($29.98 @ OutletPC)
Motherboard: Asus M5A78L-M LX PLUS Micro ATX AM3+ Motherboard ($44.99 @ Microcenter)
Memory: A-Data XPG V2 8GB (2 x 4GB) DDR3-1600 Memory ($68.99 @ Newegg)
Storage: Samsung 840 EVO 120GB 2.5" Solid State Disk ($82.95 @ Amazon)
Video Card: Sapphire Radeon R7 240 2GB Video Card ($65.38 @ Newegg)
Case: Corsair 200R ATX Mid Tower Case ($49.99 @ TigerDirect)
Power Supply: XFX 550W 80+ Bronze Certified ATX Power Supply ($49.99 @ NCIX US)
Total: $509.39
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2014-02-26 10:57 EST-0500)
 
Solution
Personally, i wouldn't use only an SSD for a video editing computer. Using an SSD as a scratch disk will give you a speed boost, but apparently you will drastically shorten its lifespan, since SSDs have write limit. A dual hard drive setup may be a better option. They always say you want to have your scratch disk on a separate drive than the file you are working on. Plus 120gb will fill up fast depending on the video size/quality you work with.

Also, by not using a Nvidia card, you're missing out on GPU acceleration from the CUDA cores, if you care about that kind of thing.
 
Haha yeah i totally wasn't even paying attention to the actual card. That one doesn't even have any CUDA cores.

Generally speaking though for video editing, Nvidia seems to be the way to go when it comes to Premiere and After Effects because of the GPU acceleration.

My comment about the SSD still stands though