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Kidding yourself the points/miles are worth it
Wasting precious years of your life away from family and those who matter in the name of the corporate rat race and material prestige which means nothing on your death bed
Being away from family
As others have already said:
1. Missing family and/or friends during the week. Believe me, drinking with your coworkers at the hotel or local bar gets old fast.
2. I personally noticed that my health deteriorated in that I was getting colds/illnesses much more often. I suspect from the early morning travel and germs on the plane/train.
3. Boredom. The first few weeks or even months can be fun, especially if you have a good team. But over time, it starts to become very boring and monotonous. There’s only so much you can do from a hotel room and with your coworkers.
I’ll caveat this by saying that some people genuinely seem to enjoy it, but I think they’re in the minority.
The dementors
Waking up in a hotel and not remembering (or caring) which city I was in that week. Landing at an airport having forgot where I was heading that day. No home-cooked meals. My wife calling because she was struggling with the kids and I am eight time zones away. Pretty much all of it gets old after the first year or two.
Oh and all the freaking dogs at the airport and on every flight.
I miss my family and my dog, but the worst is coming back with no energy at all to talk to them and then feeling guilty about it ...