The Necessity of Finance

An Overview of the Science of Management of Wealth for an Individual, a Group, or an Organization

Non-Fiction - Business/Finance
218 Pages
Reviewed on 05/23/2020
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Author Biography

Dr. Anthony M. Criniti IV (aka “Dr. Finance™”) is the world's leading financial scientist and survivalist. A fifth generation native of Philadelphia, Dr. Criniti is a former finance professor at several universities, a former financial planner, an active investor in various marketplaces, an explorer, a speaker, and has traveled around the world studying various aspects of finance. He is an award winning author of three #1 best-selling finance books: The Necessity of Finance (2013), The Most Important Lessons in Economics and Finance (2014), and The Survival of the Richest (2016). As a prolific writer, he also frequently contributes articles to Entrepreneur, Medium, and Thrive Global. Dr. Criniti’s work has started a grassroots movement that is changing the way that we think about economics and finance.

    Book Review

Reviewed by K.C. Finn for Readers' Favorite

The Necessity of Finance: An Overview of the Science of Management of Wealth for an Individual, a Group, or an Organization is a work of non-fiction in the economics and finance sub-genre, and was penned by author Dr. Anthony M. Criniti IV. This insightful and detailed guidebook explains the deeper complexities of the world of finance in an accessible format which students and businesses alike can understand and implement. As a finance professor at university level, Dr. Criniti provides technical insight into the science of finance and the mechanics of how it works on individual, business level and global scales to shape the modern world as we know it.

Students of finance and economics are certain to find this work a truly invaluable companion, which brings together disparate elements of financial study and financial science with an overarching philosophy and explanation of how they fit together in the working world. Author Dr. Anthony M. Criniti IV has a keen awareness of accessibility throughout the creation of this volume, and it is reflected not only in his clear prose and approachable narrative but also in the structure and organization of the chapter format. I particularly enjoyed the inclusion of more philosophical considerations such as ethics, and feel that the guidebook fills a lot of gaps in the holistic view of the financial world that students may otherwise find lacking when they try to connect elements. Overall, I would highly recommend The Necessity of Finance for those keen to learn more about the financial world and learn it properly.

Foluso Falaye

Living and surviving without money in today's world is extremely hard if not downright impossible. The way life works, we need to constantly consume in order to stay alive, and money makes this easier. Every individual needs to have a good knowledge of money and finance for a better chance of living and prospering. The Necessity of Finance introduces finance as a comprehensible and exciting subject not only for beginners and intermediate level financial students but also for any interested persons. Dr. Anthony M. Criniti IV establishes a dire need to recognize finance as a stand-alone science field and expounds on several terms as they are involved with finance. These terms include business, investments, capital, taxes, health, ethics, risk and return, money and wealth, and the environment.

As someone that used to get really nervous about losing my hard-earned money in the money market, Dr. Anthony M. Criniti IV has helped me to see that investing is not such a scary, volatile phenomenon and that with the right strategies, I can master it and be on a path to securing my future financially. Even though I studied economics at university, I never really perceived a clear distinction between finance and economics; The Necessity of Finance solves this issue and goes even further to establish more defined distinctions in both fields. Anyone can easily understand the concepts in The Necessity of Finance enough to apply them and make the right financial decisions. Since most professions and professionals deal with finance, The Necessity of Finance is certainly a book for all. It is concise, understandable, and practical.

Rabia Tanveer

The Necessity of Finance: An Overview of the Science of Management of Wealth for an Individual, a Group, or an Organization by Dr. Anthony M. Criniti IV is self-help for those who want help and guidance for those who need it. This book has incredibly detailed information about wealth management that will come in handy for organizations and individuals who are looking to secure their future. The author explains money, wealth, risk, profitable investments, and returns on investments. In between this all, the author also presents the idea of making finance a science. The author draws valid arguments with facts while at the same time he arms his readers with the tools to help them manage their finances in a more productive way. This research is great for individuals trying to straighten out their finances and a huge help to students who are studying finance.

As always, Dr. Anthony M. Criniti IV presents solid research with proper facts to convince easily the reader. I agree with his suggestion to make finance a science and believe it can benefit the future “financialists” the most. As for the guide part of this book, the author uses very clear and concise words to make sure the reader understands what he wants to convey. His definitions are much easier to understand than any textbook. I think the way he presents his research will be a great help for students who are studying finance and working on their research. The way he sections the information makes it much easier to understand and apply to daily life. Once again, this is a brilliant book that will entertain the general reader and aid the student.

Jamie Michele

The Necessity of Finance by Dr. Anthony M. Criniti IV is a non-fiction guide for the layperson on the science of wealth management, with the purpose to educate, whether a reader is an individual, group, or organization. Building from the ground up, Criniti starts at the foundation of finance with the most basic terms and concepts in order to solidify what begins as a rudimentary examination on the subject. Over the course of forty distinct chapters, Criniti covers everything from the history of finance and where it sits today, its transformation and global evolution, the differences between finance and economics, its drivers and impact on daily life, growth, investments, and a whole host of succinct, straightforward material from an author who has devoted decades to the topic at hand.

The Necessity of Finance is an excellent primer that has been compiled in painstaking detail by Dr. Anthony M. Criniti IV. What many would deem a subject too overwhelmingly complex to approach is simplified beautifully into a narrative that delivers the information in an easy to understand format. I particularly liked how Criniti compartmentalizes the relationship between finance and all of the many varied ways finance touches us on the whole. The correlation between finance and the environment carried a profound message—which is impressive given that the chapter is only a few paragraphs long—on how we are collectively responsible for the health and safety of this planet. “What good is maximizing wealth if we do not have a quality environment to enjoy it in?” Overall, this is a solid source of information for those who are interested in starting their journey of understanding the science of finance, as well as readers who may be better versed on the topic but are looking for a brush-up.

Lesley Jones

Managing your finances is imperative to everyone's survival in today's society but there are many myths around the subject of both financial management and economics. Throughout this guide, you will discover the major differences between finance and economics and how they are both important to increase your wealth and assets. This guide dispels the common misunderstandings of good financial management and the advice given by many 'experts'. What does it mean to be wealthy? Can you survive and flourish without finance? How can you educate yourself to maximize your wealth in the long-term by effective financial planning? Even if you have no financial background or education, the easy to understand techniques and explanations throughout The Necessity of Finance by Dr. Anthony M. Criniti IV will teach you how to manage and build your finances more effectively.

The Necessity of Finance by Dr. Anthony M. Criniti IV is a very concise but enlightening look at the world of finance and economics. The author lays out so much information that would appeal to everyone, not just financial students. The definitions, purposes, and goals of both economics and finance were clear, helpful, and interesting. He makes the whole subject extremely easy to understand by using relevant situations and stories. The chapters are short and to the point but filled with engaging content that will benefit everyone, whether for their personal or business finances. I especially enjoyed the chapters on Risk and Return and Financial Capital. The chapter on Financial Advice was also invaluable and answered all the questions I had in a few short pages. This is a must-have guide for everyone if they want to protect and increase their assets and finances.

Sydney Nyamasoka

"The interchangeability of some business terms and concepts is often problematic. This plagues most fields of study in Business. Consequently, this often blurs the distinction between truly distinct disciplines in Commerce. The Necessity of Finance written by Dr. Anthony M. Criniti IV is an overview of the science of wealth management for individuals, groups, and established organizations.

The book has 206 pages covering 40 concise chapters written in simple English. However, I must say that considering other finance concepts covered, it may slightly be a stretch for the reader who is looking for a quick read on the basics of Finance. The author’s work particularly aims to differentiate finance from economics. This would be beneficial to prospective university students deciding on commerce programs to undertake in their studies.

The main goals of the book are: 1. Demonstrate the necessity of Finance; 2.
Clarify the definition, purpose, and goals of both Finance and Economics; 3. Explore financial concepts using a simpler approach and; 4. Attract more interest in this field.
Dr. Anthony Criniti IV expresses that Finance needs the respect it deserves as a separate subject. Finance should get its own Nobel Prize category as opposed to hiding behind Economics.

For the individual, the author states that Finance is not an option but a necessity as is spoken by the book’s title. Every person with a desire for a life of sustainable success should seek to at least understand Personal Finance. Personal Finance guides your decision making and planning in your individual finance matters. For example, as you grow and finish your education, you will be making decisions as to how you will earn an income from your chosen field, plans for marriage, starting and raising a family, the food needed, home, education for your offspring, investments, insurance cover for your health and belongings and spending on leisure as well. All these issues have finance at the core, grab the book to read more for yourself.

As put by the author, for groups and formal organizations, the understanding and application of Finance primarily determines success, barely surviving and at worst, succumbing to insolvency. Funds are invested in projects that are assessed by financial professionals to be profitable. The assessed profits are deemed to yield a return acceptable to the investors in light of the risks involved. Any poor or improper decision as regards these invested funds would be catastrophic in consequences suffered by many interested parties. At times, even remote societies can feel the heat from such poor financial decisions. In this light, Finance also covers all the closely related functions which impact wealth creation and management.

I appreciate the author’s work but disliked the tendency to use the word (profit) for non-profit organizations for which the appropriate term is (surplus). The other term incorrectly used is (principle) instead of (principal) under the discussions of loans and interest. I liked the coinage of the term (financialists) for the academics and practitioners of finance. I greatly appreciated the effective in-depth exploration of finance from the days of bartering to our modern era.

Overall, the explanations and advocacy for the recognition and necessity of Finance are well delivered. There are minimal errors that do not hinder the clarity of explanations. The proofreading seems to have been done well. I would recommend this book to anyone seeking a more in-depth but simplified explanation of finance. However, my recommendation is mostly to academics of finance and economics as well as practitioners in the finance field. It would be interesting to know how the distinction between Finance and Economics, as explained in this book, is perceived.

I rate this book with 4 out of 4 stars because the discussion is interesting and necessary."

- Sydney Nyamasoka from

Miks Solon

"Anthony M. Criniti IV, an educator, investor, and former financial advisor, offers a groundwork composed of extensive and thorough explanation which clarifies in basic language the contrast among economics and finance, The Necessity of Finance. He additionally characterizes terms, for example, "financialist," "financier," and "risk and return." For instance, investing, according to him "is the act of currently owning any asset, tangible or intangible, that is not associated with playing any perceived ongoing game of chance and is intended to maximize wealth based on acceptable levels of time and risk.” The writer likewise addresses parts of funds that different writers will in general ignore; for example, Criniti focuses on "a high correlation between finance and health.” Referring to America's medical system, he composes that under the present American human services framework, the wealthier you are the more advantageous you could be. In another section, "Finance and the Environment," Criniti hypothesizes that environmental objectives must be practiced when more riches are coordinated toward them. Throughout the book, Criniti advocates for money to be acknowledged as an undeniable science, independent and separated from financial matters. He even ponders, where is the genuine Nobel Prize in a fund? It doesn't exist except if you call it monetary financial matters.

The first point that I love regarding this book is the simplicity of words and vocabulary which connects to the readers even you have no background in finance. The author treats the readers as though all of them have the same level of knowledge, hence, this fits both for beginners and advanced readers. Moreover, as an accountancy student, the topics are highly relevant which relates to the way of handling money and my finance subjects. As to the credibility of the author, you can guarantee the teachings because it seemed as if you're conversing with an expert personally. There is a disclaimer in the beginning that this is not a finance textbook in college instead, it showcases the fundamentals of logic in financial aspects. This will not further support you in nailing your quizzes, rather, this will produce a smart way of decision making that will assist you with your personal or professional endeavors.

On a negative note, the book is too long. It doesn't fit into a week read if you are a busy person that reading is not a priority. It had several anecdotes that are somehow unimportant. Also, the division of chapters makes the narrative looks longer. Some chapters are composed of only two or three pages. The history of finance is a long narrative, I understand that there should be a background, however, when it comes to pertaining the necessity on finance, it should focus further on its primary objective, the history must have been brief and concise. Nevertheless, it doesn't fabricate that it was professionally and properly written.

I will rate the book 4 out of 4 stars. It was professionally edited with no grammatical errors. The book was also arranged and written formally. Though the book was time-consuming to read, it is still worthy. My perspectives towards finance were changed and I confidently feel that after reading this book I'll be literate regarding monetary, debts, and other types of assets. I feel as though I can now converse with my professor at the class regarding this matter and I'm also excited for the future readers.

I will recommend this to my fellow business students, entrepreneurs, likewise, to those beginners who are practicing financial professions. The quotes there were knowledgeable which creates a firm conviction on how people will perceive finance as a whole."

- Miks Solon from

Grady Harp

"Pennsylvania author Anthony M. Criniti IV has earned multiple degrees in international business and financial services, including his PhD in applied management and decision sciences with a concentration in finance. He has experience in fixed annuities, life and health insurance, real estate, financial planning, an investment and retirement specialist and real estate developer – all of which he shares in this ‘compleat’ financial concepts text and guidebook. ‘Finance is the science of management of wealth for an individual, a group, or an organization,’ and in this exceptional book Dr. Criniti surveys this topic.

Dr. Criniti states his main goals in writing this book are ‘to demonstrate the necessity of finance, to clarify the definition, purpose and goals of both finance and economics, to explore financial concepts using a simpler approach, and to attract more interest in this field.’ In a most accessible manner he speaks to the reader, both those of the beginner and intermediate stages of learning, and defines and explains many topics under the arc of finance, clarifying heretofore perplexing concepts in a manner that supersedes classroom teaching by offering credible true situations.

Defining Finance as a Science, the author states, ‘Science is a persistent search for a truly better way to perform an action or understand a condition, process, or thing… science allows for progressive learning refinement of our daily thoughts, and searching for truth in order to fine a truly better way to perform and action or understand a condition, process, or thing.’ In this wise and thoughtful mode of instruction this book provides an excellent history of Finance from the beginning to contemporary times, explaining how finance is different from economics – a timely and important maxim considering the accumulation of wealth in all its permutations and the need for each of us to understand that divisive stratum and the disparity it represents.

The spectrum of the science of finance Dr. Criniti covers includes personal finance, business, international finance, investing, the marketplace, Capital overview, financial planning, the field of taxation, and wry discussions finance and ethics, healthcare, the environment, marketing including telemarketing, and the careers or jobs in the finance field. And in his committed tone he states in closing, ‘Finance and economics need to regroup and do some soul searching before they are in proper form to create any more financial instruments, if any are necessary. Considering that the past fifty years have seen a record number of financial innovations, it may be wise to spend some time revisiting their purposes and ensuring these creations are actually productive. If financial innovations do more harm than good to society then they need to be revised or eliminated. Financial products should be designed to help make society function better, not worse.’

Sage advice and instruction from an impressive ‘Dr. Finance.’ Highly recommended! Grady Harp, May 20"

- Grady Harp, Amazon Hall of Fame | Top 50 Reviewer


Do you find finance an overwhelming, complex subject? Are you aware of the distinction between economics and finance? If you are a student of finance, do you wonder why most of the founding fathers of modern finance are self-confessed economists? If yes, then you should read The Necessity of Finance by Dr. Anthony M. Criniti. In this book, Criniti has attempted to explain the complex nature of finance straightforwardly. He argues that once readers read a basic book written in everyday terms that aid them with understanding finance more clearly, it would be easier for them to engage in a formal study of finance. The purpose of the book is to give finance the respect it deserves as an independent subject. The highlight of the book is coining the term ‘financialists’ to identify the scientists in the field.

The book is chiefly written for beginner to intermediate-level students of finance. It is written in the form of a textbook or a reference book for students. However, the language used is extremely simple and the author explains complex concepts using day-to-day examples. This makes the book suitable for all readers interested in finance irrespective of their degree of experience in the field. The author believes that the arguments he makes in this book would help advanced students, and even practitioners reevaluate the concepts they have learned in finance from an alternative perspective.

I am a student of science, but I found this book extremely engaging and relevant. I have just begun investing my earnings and so this book came to me at the right time. Dr. Criniti has explained various concepts like international finance, capital overview, mutual funds, personal finance, etc. in simple language. Some concepts are explained in a way that is more relevant to American citizens. For example, the importance of financial planning to avail benefits of health insurance is explained using the American healthcare framework which might not be the same for citizens of other countries. Nevertheless, curious readers would be compelled to investigate the policies in their respective countries and plan their finances accordingly. I especially loved to read about mutual funds and personal finance as these topics were most relevant to me. I also liked reading about the correlation between finance and the environment and the importance of ethics in finance.

I have no complaints about the book. The book is professionally edited; I did not find any grammatical errors. Criniti has complied with the book with meticulous details keeping in mind readers uninitiated in the science of finance. His explanatory tone makes the book an easy read. I gladly rate the book 4 out of 4 stars.

The book is suitable for students of finance looking for information on the history of finance, its evolution through the years, and its current state. The book is also useful for readers with no background in finance, imploring them to understand the importance of financial management to maximize their wealth and better their lives. However, the book is not suitable for readers who are not looking for a serious book. Readers who enjoy fiction should not pick this book up unless they are willing for some scholarly material.

- MrunalT from