Today's word is HABEO, which is a second-conjugation verb: habere, habui, habitus.
Latin meaning and usage: The basic meaning of the Latin word is like English "have," although - just as in English - the verb is used in an enormous number of idioms. To see the range of idioms, it's a good idea to glance through the Lewis & Short dictionary entry. One of the most important idioms is the passive use of the verb, haberi, to mean "be considered, be held (to be)."
Latin word formation: In addition to the obvious derivatives, it is worth noting that debeo is also a compound of habeo: de+habeo. Note also that in some compounds the verb habeo does not change, e.g. posthabeo. In other compounds, there is a vowel change: adhibeo, exhibeo, etc.
English cognates and derivatives: The Latin verb is cognate with English "have." Just as the root is enormously productive in Latin, there are also many English words derivatives. From the supine stem, we get "habit," "habitat" and "habitation," among others. From debeo, we get "debit" and "debt." From the other compound forms, we get "inhibit" ("inhibited," "inhibition," etc.), "exhibit," "prohibit," etc. The English "malady" ultimately derives from Latin male habitus. English "able" comes from Latin habilis; we lost the initial "h" in our "able" but you can see the "h" in "rehabilitate," for example.
Here are some examples of today's word in Latin sayings and proverbs; for more examples, see the page at the Scala Sapientiae, which also contains notes on some of the proverbs cited below:
Res tuas tibi habe.
Qui non habet, ille non dat.
Omnia tempus habent, omnia tempus habet.
Habent omnia tempora sua.
Bonum habe animum.
Tuas res tibi habeto, tuas res tibi agito.
Nihil dat qui non habet.
Sibi quisque habeat quod suum est.
Summum cape et medium habebis.
Sibi habeat suam Fortunam.
Habet et bellum suas leges.
Legem non habentes, ipsi sibi sunt lex.
Amor legem non habet.
Qui rapit, habet.
Nemo dat quod non habet, nec plus quam habet.
Dare nemo potest quod non habet.
Esse potius quam haberi.
Dulce est socios habuisse malorum.
Nescit amor habere modum.