What's the difference? The former's a label while the latter's something you take action on. That was one of the points the priest sermonized on when I attended church in the morning.
We can label a few things as important. A meeting on Monday at 9 AM, a family dinner on Friday at 7 PM, and a subject to study on the weekend. Every day, opportunities and setbacks may present themselves to you that can change your perception of what is more important. For instance, your board members invite you to dinner at the same time on Friday, 7 PM. Attending such a dinner may benefit your career more than spending time with your family. What to choose?
What you choose says about your priorities. Choose your board members? You might accelerate your career, but in turn, you will progressively distance yourself from your family. Choose your family? Your partner and, if ever, children, will appreciate you more for your commitment to keeping the relationship intact.
There’s no right or wrong in choosing what’s important for you and what to prioritize first. Situations present themselves in grey areas where context matters in the decision you’ll be making. What you choose to do boils down to how much you know yourself and whether the impact that decision makes will make your life fulfilling or incomplete.