I am new to PC building and would like to know if this build is the best for the money. I think all the components are compatible. Give me any thoughts you have/ problems I may run into.
Motherboard:ASRock 970 EXTREME4 AM3+ AMD 970 SATA 6Gb/s USB 3.0 ATX AMD Motherboard with UEFI BIOS (Newegg $100)
I'd advise against it. It might blow up your build. It's a 3 rail design, and that 550 is MAX power, not CONTINUOUS power, which are two different things. If you're overclocking or getting a decent GPU, you'd want 24 amps or more on the 12V rails. The best way to assure that is getting a single rail PSU.
You're on the right track with the wattage, but I doubt that particular PSU is up to the task.
Personally, I'd spring for a 600w or greater (again, corsair on sale) if you're going to overclock both the CPU and GPU, but if it's one or the other, 500-550w is fine.