Good Overclock PC?

I'm building my first PC and I heard overclocking your cpu and gpu give you better performance. I have these parts right now and I'm not even sure they work together. Please give me any information on overclocking and how to do it. Feel free to adjust my system.
My SSD is just for faster bootup.
See if any of my parts can be replaced for cheaper but still good performance for gaming and work.

Parts of PC(all from Amazon):

ASUS ROG STRIX Radeon Rx 480 8GB DP 1.4 HDMI 2.0 Polaris Vr Ready Graphics Cards

Cryorig H5 Ultimate CR-H5B Middle Range CPU Heatsink with XF140 Fan

Intel 7th Gen Intel Core Desktop Processor i7-7700K (BX80677I77700K)

ASUS ROG STRIX Z270E GAMING LGA1151 DDR4 DP HDMI DVI M.2 ATX Motherboard with onboard AC Wifi and USB 3.1

Corsair Vengeance LPX 16GB (2x8GB) DDR4 DRAM 3000MHz C15 Desktop Memory Kit - Black (CMK16GX4M2B3000C15)

Acer XF240H bmjdpr 24-inch Full HD (1920 x 1080) AMD FreeSync Display (Display Port, DVI & HDMI Port, 144Hz Refresh Rate)

CORSAIR CXM series CX550M 550W 80 PLUS BRONZE Haswell Ready ATX12V & EPS12V Modular Power Supply

Corsair Gaming K55 RGB Keyboard, Backlit RGB LED

Microsoft Windows 10 Home 64 Bit System Builder OEM | PC Disc

Asus 24x DVD-RW Serial-ATA Internal OEM Optical Drive DRW-24B1ST (Black)

PNY CS1311 120GB 2.5” SATA III Internal Solid State Drive (SSD) - (SSD7CS1311-120-RB)

WD Blue 1TB SATA 6 Gb/s 7200 RPM 64MB Cache 3.5 Inch Desktop Hard Drive (WD10EZEX)

Phanteks Enthoo Pro Full Tower Chassis with Window Cases PH-ES614P_BK
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  1. Best answer
    I would change the motherboard to a Z270 Fatal1ty, way better overclocking board and the PSU to a EVGA.
    Also get a 580, it's much higher clocked than 480.
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