All dogs need to be exercised everyday in some form or fashion. The most common method is through the walk around the neighborhood, but is a short walk around the block enough exercise for your particular dog?
For the health and wellbeing of your dog, training should really not ever be considered an option when owning a dog. Well trained dogs are more likely to be behaved and listen, be void of behavioral issues, be good in public, and are less likely to bite. Owners also have a much closer connection with the dog when the time is taken to form a relationship through training.
Having a dog has been a fun and wonderful experience for everyone in your family. In fact, it has been so rewarding that you are now seriously thinking of getting a second dog. However, it is important that you really think this decision through, because having two dogs can be an entirely different experience from having one.