The more I think about this song, the more I like how the problem is phrased - and the more I think I should make another answer to this thread's OP.
"I've been to paradise
But I've never been to me"
To have a balanced life you really need to find out what is in the world. You also need to figure out who you are. But both objectives need to be worked on at the same time because each reflects the other, and each affects the other. The more you find out about the world around you, the more it changes who you are. The more you discover who you are, the more you understand about how you can use the world around you. To focus on one and leave the other undone is like building a house by piling a house-worth of bricks in a pile, then trying to organize it from the ground up, or by trying to build a house out of air and say you will leave the bricks for whenever you get around to them. You have to bring bricks in a few at a time and put them where they go as they come in.
If you focus on experiences and neglect self discovery, your life becomes a race to fill time with activity. (This has become a lot easier with smartphones.) Eventually you can't bear a single moment without something to occupy your attention. You will become either a globe-trotter or somebody perpetually glued to your phone (depending on available money.) You will not be able to tolerate quiet time, because you are not accustomed to introspection and eventually you grow to fear it... so you look for another knob to turn up the volume a little louder and drown your thoughts out.
If you focus on who you are and put the world on hold until you get the perfect job, find the perfect spouse, get the perfect life established, you will never get around to exploring the world around you. You will spend your whole life waiting until everything is in shape, promising yourself that someday you will do this and see that and go there... but you never will, because "everything is complicated right now, but maybe next year" until there are no more next years. You can know exactly who you are, but the longer you let the world slip by the harder it becomes to jump into the world, until finally you give up pretending you will ever make the leap.
I have known a lot of people who choose one of these, make it their whole life and wind up at the end of life bitter and disappointed. But I also know a lot of people who take both of them at the same time and have great lives. I have never known anybody to take one or the other and be happy, and I have never known anybody who took both at once and regretted it.