[originaltext]W: Good morning, everybody. (1) Today, we are pleased to have inv

W: Good morning, everybody. (1) Today, we are pleased to have invited Mikey Rox, an award-winning journalist and personal finance expert to give us some suggestions on the do’s and don’ts of lending money to family. Welcome, Mikey.
M: Thank you. I’m very happy to meet you all.
W: Mikey, we know that loaning money to family is one of life’s greatest dilemmas. On the one hand, we want to help somebody we care for when they’re in a financial bind. On the other hand, we know it probably won’t go off without a hitch. So, how do I know when I should and shouldn’t help?
M: Well, first, you should carefully consider who you’re helping.
W: (2-1) Then what kind of person should I help?
M: (2-2) If it’s your brother who’s in need of a quick loan, and you know he’ll pay you back on time with interest, your decision to lend money is a no-brainer. But if it’s your deadbeat cousin Steven who has never had two nickels to rub together, but always somehow has a pocketful of cash to buy rounds of shots for his lady friends at the bar because he wants to look like a bailer, you should probably sleep on it.
W: Which means...
M: (3) When there’s not a snowball’s chance in hell that you’ll see your money again, resolve to help without the expectation of being paid back, or just say no.
W: But is it OK to say no to the family members who ask for help?
M: Don’t be afraid to say no. This is the second advice. Because you’re under no obligation to give anyone—besides the government and your own creditors, of course—a dime of your hard-earned money. If you don’t feel comfortable lending money to a family member, just say no. They’ll get over it. Or they won’t, and you’ll be better off for it. But if you have the disposable income to offer a loan without feeling the pinch, then OK.
W: What if the person really deserves my help, but I cannot afford it from my own disposable income? Should I dip into my own savings?
M: No, I’m afraid. You should only lend what you can afford without compromising your own financial situation. Your savings are just that—savings for emergencies, a new investment, or, frankly, whatever you want. That’s money that you’ve worked hard to build up, and you shouldn’t let anyone take away from that. (4) The best thing you could do is to politely explain the situation, and close the case.
W: What about co-signing for loans?
M: No. (5) Never co-sign for a loan. Lending cash is one thing, but co-signing for loans is a whole other ball game, and you absolutely don’t want any part of it. It is almost guaranteed to be a disaster.
If that discussion is on the table, swiftly shut it down. You’re not the person for the job.
This is the end of Part One of the interview. Questions 1 to 5 are based on what you have just heard.
1. What is the topic of the interview?
2. According to Mikey, what kind of person can you lend money to?
3. According to Mikey, what should you do when there is no chance you will get your money back?
4. According to Mikey, what is the best thing you could do if you cannot afford the money?
5. According to Mikey, what should NOT be done when lending money to someone?