Time Management vs. Life Management

I think managing one's time effectively and being able to multi-task without losing focus is almost a survival skill that one needs to acquire these days. Gone are the days when anyone could survive by doing just one thing at a time. Starting from childhood, we are seeing more and more emphasis on extra-curricular activities along with co-curricular. College students often are not able to choose just one major and even if they do, they don't want to constraint themselves by one and are opting for double majors. Even in the corporate world, people are looking for multi-faceted talent and so on. That said, I think time management is somewhat easier when you have a set schedule with a set number of things to do and some other 'body' governing at least part of your time. It is harder when you are technically 'on your own'. One needs lot of control and focus to effectively use the time in their hands and need to be their own boss.  As we move from childhood to adulthood, time management transcends more into overall life management. In order to know where and how to spend your time, you need to know yourself better, truly understand your priorities and constraints, your interests and passions and build your life by chalking out your day to day activities around those.
Here is some first hand experience that led me to this thought:
These days while I am technically on a sabbatical from my corporate job, it seems I have become busier than ever. For some reasons, I am struggling with time management and multi-tasking, ironically, the two skills I used pride upon. I always thought being a working mom made me or rather forced me to hone these skills, but I think it was somewhat easier when I was working outside the home.  Although, I am now not constrained by the job responsibilities and timings, I am quite overwhelmed by all the things I always wanted to do and pushed aside all these years for one reason or the rather (biggest one being time).
Previously, I had just one thing to focus on from say 9 to 5, now I have so many things that I want to focus on and always feel the urge to do them all. What I am starting to realize is that while the day job added time pressure on me, it also provided me a structure and focus. I could use that as a shield or excuse to not worry about the other things that I wanted to do. Now, that I don't have it and technically I am on my own and can do any or all of the things, I think I am getting over-enthusiastic and trying to do all of them at once. I keep reminding myself  'There is a time for everything and everything takes its time', but wish someone could tell me which of the  things I should focus on now and which ones can wait.  I now have a new grown respect for all those entrepreneurs who manage their time effectively and never lose focus on what they are out there to deliver and last, but not the least, I also really appreciate and admire those full time moms or homemakers (btw, what does 'housewife' mean.. is she house's wife or is she wife who is at home) who use their time so wisely and cultivate so many hobbies, passions, etc along with cultivating a wonderful family environment.
I think Life Management is an entire other dimension to time management.
While time management is needed to manage your time and life, life management is needed to live your life.