For people to live well, I believe that the following four general categories are essential (this is not meant to be an exhaustive guide and so it does not include other essentials such as proper diet-and-hydration and personal rights and freedoms, which tend to be complimentary to, and intertwined with, what I personally regard as normal living):

1. Sleep (recovery and rejuvination)
2. Family and Friends (relationships)
3. Work, Education, and/or Volunteering (productive activities)
4. Hobbies and Exercise (fun activities)

If one can generally spread the time somewhat evenly across all four of these areas, then they would have a generally well-rounded lifestyle that's hopefully both physically- and psychologically-healthy.

Of course, each case is different and so different amounts of time and dedication are needed by each person, and in my opinion it is up to each individual to make their own determinations regarding what sort of balances are ideally suited to them.

A note about balance:  I don't mean for "balance" to imply a "statistically equal" amount of time and effort expended on each of these categories, but rather I am a proponent of appropriate amounts being tailored to individual needs, which I expect will vary from person-to-person to unpredictable degrees.