An expression basically meaning that you can only have it so good, and you can't have it all.
An good example is if a situation is bittersweet.
Sara was sad that the guy whom had gotten very close to her in the past 3 years which she held a secret fondness for developed an interest in her best friend, Clare. In conversation with Clare, Sara explained the situation, to which Clare responded.
"You can't have your cake and eat it too."
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you cant enjoy what is yours. you can work or you can enjoy.
example:
you work really hard and finish a report, someone else takes credit.
or
you have a gorgeous girlfriend whom only others enjoy in bed.
you enjoy fishing and eating fish, you catch a fish, but your wife eats it.
she says "You can't have your cake and eat it too"
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