Balancing chess?

Yes, it is possible to be serious about chess and have time for other things as well. However, I think the more serious you want to be about chess, the less you will have time for other endeavors. To get to GM level would be pretty much time consuming for anyone old enough to have a job and/or family. The younger you are the more time you have to do serious chess and still do other things.
We have a local improving player (younger) that is pretty serious about chess and he just ramped up on the studying again. He said he is spending about 6 hours a day on studying, trying to break a certain rating by the end of the year. He did the same thing last Summer and gained 300+ rating points in that time frame. However, that isn't even master level ratings we're talking about.
Add to that, that if you aren't an IM by the time you are 18, it is unlikely you will reach GM levels. I don't believe it is impossible, though many on here will say it is if you aren't IM level by a young age.
How does everyone else here balance chess with other hobbies? I would like to be a grandmaster at some point (A lofty goal, but one that keeps me motivated). Yet, I have other hobbies that I would also like to pursue. I like to read. I like to play video games. I like to debate. I have realized recently that over the last two years, chess has essentially consumed my life. I used to be an active member of communities devoted to other interests, and that's ended since I started taking chess seriously.
Help, guys? Is it possible for one to be serious about chess- competing, studying, etc.- while spending time on other things, as well?