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. When you have a passport you will be able to internalize your assets and income. You will benefit from the fact that you have them though they may be off limits in other countries. Opening an account in a foreign is hard and often impossible because of the regulations that have been put in place. This is why it is important to actually have a passport.
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. This can be a great problem when you are applying a visa so you will be able to travel immediately. Applying for a visa is also time consuming and very expensive. You will b able to avoid all this if you have a passport. This is because you can travel without a visa. Another advantage of having a passport is that you will be able to avoid foreign country blowback. If you travel to a country that has issues with your country, this may be a major problem. The advantage of having a passport is that it has minimal foreign policy blowback risk.
Another advantage of having a passport is that you will not have to live like a refugee. You will have another place you can actually call home when you have a passport. You will also have the legal right to work and live in another country when you have a passport. Another advantage of having a passport is that you will avoid traveling with your original documents. You will leave them at home and find them when you come back. In this case you will avoid losing or damaging your documents. You cant losing documents like your birth certificate because you will need it later.
Another advantage of having a passport is that it can help you when you decide to renounce your citizenship. It will be easy for you to avoid huge tax regulations in this case. You will be able to reduce 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. Your passport will also not be cancelled for any reason. When you have a passport you dont need a photo identification. When asked for an identification card just produce your passport. When traveling to another country ensure that you actually have an identification photo. Having a passport means you can actually seek for employment anywhere. This means you can work in a country of your choice. To enjoy all these benefits ensure that you have a passport.