Having a passport gives you the advantage of you can investing, banking, traveling or even residing in any country. You will have more freedom and opportunities when you have more options. You can internalize your assets and income when you have a passport. These may be off limits in some countries but you will have access to them. There are a lot of regulations that can limit you to open a financial account in another country. Having a passport in this case will be very important.
Another advantage of having a passport is that you will be able to travel more visa-free. Applying for a visa can take a very long time. This will be a problem in a case where you want to travel immediately. This hassle can be time consuming and expensive. Having a passport will help you avoid all this. This is due to the fact that you can travel without a visa. Having a passport will help you avoid foreign country blowback. It will be a problem to travel in a country that is having issues with the country you come from. The advantage of having a passport is that it has minimal foreign policy blowback risk.
Having a passport guarantees you that you will not have to live like a refugee. When you have a passport you will have another place you can actually call home. You will have another place that you will always have the legal right to work and live. Another advantage of having a passport is that you will avoid traveling with your original documents. You will leave them at home safely. You will not lose or damage your documents in this case. These documents can be very important in other aspects of your life.
Another advantage of having a passport is that it can help you when you decide to renounce your citizenship. You will be able to avoid huge tax regulations in this case. The political risk of renouncing your citizenship when you have a passport is very minimal. When you have a passport your government cannot place you under house arrest. Your passport will also not be cancelled for any reason. Identification wont be necessary as long as you have a passport. Instead of producing your identification card you can just produce your passport. It is very important to have a photo identification when traveling internationally. You can be able to seek employment anywhere you have a passport. This means you will be able to work in whichever country you like. If you dont want to face any challenges when traveling ensure that you have a passport.