All of us seek happiness, but the ways we go about it often lack wisdom. Our ways of seeking happiness take on a life of their own. We lose perspective. We have no idea where we're going.

I'm not certain what take on a life of their own and lose perspective mean. But I can suppose both are about something losing control.

Thanks in advance!
take on a life of their own = become important or become the goal themselves

lose perspective = lose a proper view or attitude toward the situation; lose the overview of the overall goal
Thanks Mister Micawber!!!