Cpu or gpu upgrade first?

Nov 8, 2018
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Hi there,
Running a gtx 1060 3gb and an i5 8400 with 16gm ddr4 RAM and 650w power supply.

Looking at getting i7 9700k and gtx 1070 8gb... need to decide which first due to funds!

Reason is I edit videos, also play, record and stream at the same time and encounter big lag spikes on new games like black ops 4 and pubg.
VR is smooth as silk but can't milk the graphics for what it's worth.

Any help will be brilliant!

Cheers

Blue

EDIT:

Amazing stuff so far guys, thank you!
Yeah my issue is a massive spike in VRAM usage when streaming and recording together, so far haven't peaked past 80% usage of my CPU... maybe I just haven't optimised my rig? I said I have 16gb of ram...the truth is I have 8gb and one more 8gb stick waiting to be installed!
 


not just gaming, "edit videos, also play, record and stream at the same time", so 8400 is not enough.
 
The lag from those titles most likely have nothing to do with your computer. BLOPS IIII just came out and has a long ways to go before it's fully optimized and PUBG has been out for quite some time and still has optimization problems. Monitor the load on your CPU and I bet you'll find you aren't even coming close the maxing out that 6 core beast. That is a great cpu and the only graphics card upgrades I can make would be based on your monitor. What are the specs?
 
Nov 8, 2018
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Sorry for the long list...trying to be as in depth as possible!
Yeah VR games are fine with minor frame rate drops however the newer games even with settings lowered without going into potato mode, I get 2fps to 12fps when I get spikes.

Non VR:
Pubg (notable frame drops)
BLOPS 4 (massive frame drops)
CS:GO
Rocket league
The Forest
Payday 2
Planetside 2
Arma 3 (unplayable without minimum options)
Arma 2 OA
Warhammer 40k deathwing
Warhammer 40k eternal crusade
Warhammer 40k DOW 3

VR:
War Dust
Gorn
Pavlov
Stand out
H3VR
Fallout 4 VR
Sairento
Onward
Arizona sunshine
Beat sabre

When I'm editing videos, the draw on my processor is quite drastic as all other actions outside of the editor is incredibly slow (understandable of course).
 
Nov 8, 2018
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Well at 1fps my gpu is hitting 34%
with 3025mb VRAM,
core clock at 1898mhz,
Mem clock at 4007mhz

My cpu is at 62%? (4% deficit)?
CPU clock at 3811mhz
RAM is 7679mb

I'm clueless... at "30fps" it is stuttering like mad.