By Newspot Nigeria Editorial Desk
As more Nigerians explore new career paths or entrepreneurial ventures, one critical lesson often goes overlooked: leaving your job doesn’t mean you should leave your money behind.
Myra Deshmukh, a Nigerian-American who spent over a decade working at Amazon — rising from a category manager at Diapers.com to senior manager of learning and development — recently shared five vital steps professionals should take before handing in their resignation. Her story, originally published by Business Insider, offers timely wisdom for Nigerian professionals navigating similar transitions.
👇 Here are the five key moves she recommends:
🔹 Max Out Your Retirement Contributions (Like Your Pension or Voluntary PFAs)
If your employer offers retirement benefits or pension contributions — especially in structured environments like the oil sector or multinationals — contribute the maximum possible before resigning. Myra increased her 401(k) contribution from 15% to 60% in her final months at Amazon to capture the full annual benefit. In Nigeria, topping up voluntary pension contributions or VPFs could secure long-term tax benefits.
🔹 Use Your Paid Leave — Strategically
In the U.S., Myra found that unused personal days weren’t paid out, but vacation days were. Nigeria’s Labour Act is similar: unless contractually stated, employers are not obligated to pay for unused leave. Use up those days before resigning — or negotiate them as part of your final payout.
🔹 Handle Your Stock or Share Benefits
Tech employees and those working in structured conglomerates like MTN, Shell, or multinational banks may receive stock-based incentives. According to Myra, these often sit in restricted holding accounts. Transfer them to your brokerage account and consider how they align with your overall investment goals. In Nigeria, employees in fintech or international remote roles should apply the same logic to restricted stock units (RSUs) or equity options.
🔹 Utilize Your Health Insurance Before It Expires
Medical coverage is often underutilized. If you have an HMO or employer-backed plan, ensure you attend checkups, get prescription glasses, dental cleanings, or schedule surgeries — before your coverage lapses. In Myra’s case, missing out on a free pair of glasses was a regret. For many Nigerians, this could translate to wasting a year of already-paid premiums.
🔹 Take Advantage of Transit & Pre-Tax Benefits
Though uncommon in Nigeria, urban professionals with transport stipends or subsidized parking can learn from Myra’s experience. If your company offers preloaded transport cards or reimbursements, max them out before resigning. Use those funds to buy fuel, metro cards, or even inter-state travel tickets.
✅ Bottom Line: Whether you’re moving abroad, starting a business, or simply changing jobs, a clean exit strategy isn’t just professional — it’s financial intelligence. As Myra puts it, “Don’t just quit. Exit smart.”
For Nigerian professionals considering career transitions in today’s volatile job market, these insights could be the difference between financial setback and financial security.
🗞️ This article was curated and adapted for the Nigerian audience by Newspot Nigeria, your trusted source for smart, relevant, and timely career and financial stories.
