Thanks Elo. The intention behind the question was more general (how does one decide how to spend all of their time) than specific (career). The goals list in your post seems like a good checklist to work through while performing steps 2a,b that Raemon mentioned.
Both your post as well as Raemon's reply seem to indicate that using your "true" motives / values might be a good compass to select your path. While this seems intuitive, is there an elaboration/explanation on why do it this way and not some way else? ( A "better" method doesn't come to mind though).