Extremely Long Render Times!!  Please help!!

Hello,
Let me start off by saying I am new to premier, forums, and video editing for the most part.
My content comes from (2) GoPro Hero 4 cameras set at 4k and a Sony FDR-AX100, also set at 4k.
MY PROBLEM (well hopefully the one you can help me with)
I import the content into Premier Pro CC 2014 (which is all up to date) applying color correction, fades, and titles.  When I try to playback the files even with all effects turned off my computer will not do it.  I need to first render preview files.  So I select my in and out points and try to render but it takes, DAYS to complete.  For example:  A 3 minute selection on the timeline will take 70 hours to render the preview files.   After it renders, I make a few more adjustments and let my computer render for a few more days.
I must be doing something wrong.  Any help would be greatly appreciated!
MY SETUP:
I use the Nvidia CUDA architecture as my playback engine in Premier.
Premier is installed on my internal drive. The footage & project files are kept on a WD VelociRaptor Thunderbolt Drive and my preview files are set to a second WD VelociRaptor Thunderbolt Drive.
My preferences are set to use up to 12 gigs of ram for Premier, leaving the other 20 for other applications.  It is optimized for Memory.  I have tried most all combinations of ram setting here with little luck.  (again, I'm new and don't know what I'm doing.)
My Premier sequence is set to be 1080p & my sequence settings are set to a width & height of 960 x 540 with the program monitor set at 1/4 quality.
All the above and I can't even play a file.  I have nothing else open or running and have stopped everything that would normally run in the background at startup (like the iTunes helper).
Anywho.  Thanks for taking the time to read all the above.  Any help would be greatly appreciated.
Warm regards,
Alex

A quick update for anyone stumbling on this later...
As it turns out, I am not utilizing the full amount of RAM available to me.  In fact, I am unable to.  As it was explained to me, my workflow is bottlenecked by my processor and because I have an iMac, well, I'm stuck with what I have until I can afford to replace the machine. 
I have 32 gigs of RAM, and with my processor at 90% use, only 9 to 10 gigs of RAM are utilized. 
I'd rather buy a new machine (custom PC) rather than swap to FCP.  So the saving begins...
However, I am not up the creek yet.  It was recomended I drop the quality/file size by using Media Encoder and converting all my footage to Apple ProRes files, replace clips, and finish what I started.
I began converting last night.
I guess we can chalk this up to Beginners Luck?
Thanks again Steven for all your help.
Warm regards to all,
Alex

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