What are benefits of owning a dog?

Well, I have a 6 week old puppy lab/collie/pit male. Potty training is going good. He likes to nip at ppl tho playfully. I hope that goes away. We smack his nose. His bite inhibition is trial and error. I either yelp like a dog in pain and he backs off. If that don't work, I pin him on his back til he settles like a mamma dog would do. Or if those don't work, I smack his nose. He's a cuddly baby, and he gives lots of kisses. He has lots of energy, but I'm thrilled that my kids have a dog to grow up with. My youngest is 8 mo.