Building first gaming rig, thoughts of my components?

[aceqwerty911]

Here's what I have currently,

http://pcpartpicker.com/p/2ICr6

I don't want to spend much more than this, I already have a mouse and keyboard.
Is everything compatible?
Is there another way I can spend my money more effectively?
Thanks for your input!

 

[jnkweaver]

Cheaper mb, better graphics card and better power supply.
$8 cheaper

http://pcpartpicker.com/p/2IF2r

 

[d4v0]

you can also go for 4th gen intel

 

[Karadjgne]

PCPartPicker part list / Price breakdown by merchant / Benchmarks

CPU: Intel Core i5-4670K 3.4GHz Quad-Core Processor ($219.99 @ Newegg)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($34.12 @ Amazon)
Motherboard: ASRock Z87 Extreme4 ATX LGA1150 Motherboard ($119.99 @ Microcenter)
Memory: Corsair Vengeance 8GB (2 x 4GB) DDR3-1600 Memory ($89.99 @ Amazon)
Storage: Crucial M500 120GB 2.5" Solid State Disk ($74.99 @ Amazon)
Storage: Seagate Barracuda 2TB 3.5" 7200RPM Internal Hard Drive ($87.96 @ Amazon)
Video Card: Gigabyte GeForce GTX 760 2GB Video Card ($249.99 @ NCIX US)
Case: NZXT Guardian 921 RB ATX Mid Tower Case ($69.99 @ Amazon)
Power Supply: XFX 550W 80+ Bronze Certified ATX Power Supply ($49.99 @ NCIX US)
Optical Drive: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer ($26.97 @ Newegg)
Operating System: Microsoft Windows 8.1 - 64-bit (OEM) (64-bit) ($99.98 @ Best Buy)
Monitor: Asus VE228H 21.5" Monitor ($135.99 @ Amazon)
Total: $1259.95
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2014-02-24 16:53 EST-0500)
With newest Intel