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Even if it's only a hamster, having a pet gives an only child a fur sibling — it may sound ridiculous, but having a dog or a cat to refer to as a sibling helps an only child feel like they're not alone all the time. Having a pet also encourages responsibility, positive social interactions with someone other than parents, and both the animal and your child will be happier in each other's company (seriously, if you can handle it, a dog (I'm biased) changes everyone's life for the better).