Having been in the Libertarian scene for over 20 years now, I feel as if I am more than qualified to impart some wisdom to the newer generations of freedom fighters. Mostly the good outweighs the bad, but take from this what you can.
PROS
Enjoy Capitalism - When I was in my late teens and early 20s, I went to a lot of punk rock shows in Baltimore. Nice people, but the overwhelming majority of them "hated capitalism". Everything had to be "communal" and "collectively decided", and you'd be shamed for doing anything productive that presumptively only benefited yourself. I couldn't stand it.
The good thing about being Libertarian is that you can embrace the part of yourself that likes charity and community. You can enjoy helping others and volunteering for causes. You also get to enjoy the finer things in life if you want. Start a business, make a profit, buy a house, and get a second refrigerator just for your craft beer and steaks if you please. You can do this guilt-free because you know that, as Adam Smith said, "individual ambition serves the common good".
Go ahead and pursue the American Dream!
You can be an individual and be a part of the community. The same cannot be said of the anarcho-syndicalist commie crowd - once you're in their commune, your individuality is toast.
Laugh at Republicans and Democrats - this is one of my favorite aspects of Libertarianism. We can see the flaw in every political party (even the Libertarian Party). We have no solidarity with anything but our ideas. There is no tribalism. We don't take anyone's side. We're guided by principles and not emotions or petty loyalties. It is great to have the freedom to just laugh at everyone. Nothing is holding us back. By not being a part of the mainstream tribes, we never get our feelings hurt when one of their members is humiliated. Conversely, we get entertainment when both sides fuck up. It's the least they could do for, you know, taking away all of our rights.
Limitless Gun Ownership - The primary reason to have a gun for most people is for self-defense. That right should never be frustrated. Democrats and Republicans may both be gun owners, but as a Libertarian, there are no restrictions on what kinds of guns you can support owning. While the aforementioned identities have both routinely suppressed the total right to bear arms, Libertarians believe that you should be able to have a tank guarding your property if you so desire.
Also, going shooting for a Libertarian is more significant. It feels better for us than it does for everyone else. Why? Because it's part of our philosophy coming to life. It's essential for us. It's the difference between a family going out for a bike ride one weekend versus training for the Tour de France. If you know, you know.
You Can Truly Be Yourself - The strict orthodoxy of left and right-wing political identities produces very typical and predictable results, while Libertarians, despite being such a small part of the political pie chart, come from a wide and diverse range of backgrounds. All you need is to have your principles intact, and you can be anything you want. There is no pressure to behave expectedly as long as you don't hurt people and don't take their stuff. You can embrace any fashion or scene or subculture you want. Your mind is open to a plethora of philosophers, musicians, artists, poets, writers, business gurus, entrepreneurs, comedians, actors, etc.
Or you can completely close yourself off and be insolated if you want. You don't have to live up to anybody's rules or bullshit. You get to be yourself.
CONS
Nobody Understands Your Politics - One thing you'll start noticing when you get into the Libertarian sphere is that the vast majority of people will not understand you. Eventually, you'll get to taking delight in being so obscure and awesome, but at first, it will be annoying dealing with all of the obnoxious assholes who think you're just a Republican or Democrat (depending on what you're currently talking about), instead of the freethinking eclectic rare enigma that you are. Still to this day, we can't post something against Biden without the ijjuts coming out listing off all the bad stuff Trump did like we give a rat's ass about Trump. Brace yourself for that.
You're Responsible for the Outcome of Every Election - As a Libertarian, you are in a minority camp. You are proud and very few. However, despite being an insignificant cluster of nobodies, you are responsible for the outcome of every single election conducted in the U.S.
If the Republicans lose, it is your fault. Your vote didn't matter, but it also mattered the most. If the Democrats lose, it is also your fault somehow. Miraculous and wonderful things are possible when you are a Libertarian. This will leave you with a lot of friends and family pissed off at you, even though you are not responsible for either party winning or losing.
The Non-Aggression Principle - (Humorous) No matter how relentlessly stupid people are, you don't have a right to kick their asses. H.L Mencken once said, "every common man must be tempted at times to spit on his hands, hoist the black flag, and start slitting throats."
Yes, we are tempted at times, but we remain pure in our principles. Even when people deliberately try to incite you to violence, don't let them get to you. Nobody, regardless of how obnoxious or idiotic they are, deserves to have their rights removed by you or anybody else. Sometimes this takes the patience of a deity, but the satisfaction of sticking to your principles will endure the test of time.
