I wanted to add a second picture to the original post but could not find a way. My apologies if it is not all right to submit a second post shortly after the first. Please let me know and I will delete this post.
Based on some of the comments, I decided to build a relatively high-end configuration. I would love to hear your thoughts on this new build.
My goal is to play video games at 144 Hz and 1440p and perform heavy photo/video editing. And 4K in the future when I upgrade my existing monitor. Also I would like to keep this build for at least 5 years if not more. In other words, I don't want to spend any more money in the next 5+ years.
Update: After much deliberation I ended up with the following build: https://pcpartpicker.com/list/RCNvwc
It all went great. Still waiting for the graphics card to arrive.
Thank you all for the comments!
That Barracuda 5400 rpms will hinder your rig in some tasks. Yes, I know "SSD for action, SATA for storage", but the fact is that the operating system won't pretend the slower disc does not exist and will access it, every now and then, which may reduce your speeds. I wouldn't go lower than 7200 rpms, and if I'd try and build high-end desktop, I'd probably entertain the idea of external storage connected on "as needed" basis, or buy a used DELL/LENOVO i5 and make it an equivalent of home NAS system.
Thank you! I liked the "as-needed" approach. Will drop the HDD from my build.