Here’s the first million-dollar question: How many times have you made an expensive purchase that you later regretted? I’m thinking of a pair of high-heeled magenta boots I bought two years ago when I was still living in New York City and wore once. Now that I’m back in my home state of Iowa living on an acreage, they don’t work too well on the gravel driveway.

What was it for you? An item of consumer electronics? A pricey piece of furniture that doesn’t really fit anywhere? Exercise equipment that promised to transform you in six weeks?

Here’s the second million-dollar question: Have you ever once regretted giving money to a charitable, educational or religious organization whose mission you believed in? I haven’t. In fact, the memory of my past charitable giving makes me feel happy years later, even the small contributions, like the $50 to the Big Brothers Big Sisters bowl-athon, or the $10 I gave to public radio when I was in college and broke.

The power of women’s philanthropy has been illuminated for me again in returning to Iowa after nearly 20 years away. Everywhere I look, women are deeply involved in giving, not just their time but their money as well.

Throughout history, women have been the force behind significant social change, but our roles have traditionally been as “volunteers” or “givers.” We have organized charity events, given our time and encouraged the men in our lives to write big checks to worthy causes. Few people have thought of women as philanthropists.

This has begun to change. Women’s roles in society and women’s relationships with money were transformed in the 20th century. Unlike past generations, women are now earning and leading in all areas of society, making and controlling more assets than ever before. Here are some compelling statistics from the National Foundation for Women Business Owners (2005):

• 10.6 million firms are at least   50 percent owned by women, employing almost 19.1 million people and generating more than $2.5 trillion in sales.

• Women business owners are philanthropically active: 70 percent volunteer at least once per month; 31 percent contribute $5,000 or more to charity annually; 15 percent give $10,000 or more.

So, women … give it away! And men, support and encourage your friends, mothers, wives, sisters and daughters to think big and to be comfortable in their role as philanthropists. By giving, we can all make a difference. If not today, tomorrow. By starting your financial and charitable planning now, in the future you will be able to make a mark bigger than you ever dreamed of.

As for impulse buying: One expense you won’t regret is a check to the charity of your choice. And if you still have that expensive unused latte/cappucino machine or that beaver fur coat, don’t kick yourself – that’s what eBay is for.

Suzanna de Baca is the president of Private Capital Solutions, an investment and financial advisory firm based in Des Moines. She is a representative and financial advisor of Park Avenue Securities LLC.