A major advantage of having a passport is that you can invest, bank, travel or even reside in a different country. When you have more options it means you will have more freedom and opportunities. It will be easy for you to internalize your income and assets when you have a passport. You will benefit from the fact that you have them though they may be off limits in other countries. 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.
You will be able to travel visa-free when you have a passport. When applying for a visa you may take a very long time. When your travel arrangements are urgent this will be a great hindrance for you. The process of applying for a visa is very expensive and time consuming. Having a passport will help you avoid all this. This is only because you are able to travel without a visa. Having a passport will help you avoid foreign country blowback. If you travel to a country that has issues with your country, this may be a major problem. In this case passports have a minimal foreign policy blowback risk.
Another advantage of having a passport is that you will not have to live like a refugee. Having a passport gives you more than one home. You will have another place that you will always have the legal right to work and live. Having a passport helps you avoid traveling with your vital documents. You will leave them at home safely. This will help you avoid losing and damaging your documents. You cannot in any way afford to lose your documents.
A passport will be very helpful in a case where you decide to renounce your citizenship. You will be able to avoid huge tax regulations in this case. Having a passport reduces the political risk of renouncing your citizenship when you have a passport. When you have a passport your government cannot place you under house arrest. No reason will make your passport to be cancelled in this case. Identification wont be necessary as long as you have a passport. Instead of producing your identification card you can just produce your passport. When traveling to another country ensure that you actually have an identification photo. You can get employment anywhere when you have a passport. In this case you can actually be employed anywhere. If you dont want to face any challenges when traveling ensure that you have a passport.