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Buffet (right) pictured with Charlie Munger.

Charlie Munger is best known as the second-in-command behind Warren Buffett at Berkshire Hathaway (BRK.A )(BRK.B ).

Hes also a world-class billionaire investor in his own right, capable of similar market-trouncing results as Buffett himself. As a successful investor and all around nice guy, Munger often shares his investing wisdom with those who care to listen. Paying attention to what he says and acting upon his best advice should help you make yourself financially comfortable maybe even rich. With that in mind, here are some of his most pertinent words of wisdom for those who want to invest.

1. The No-Brainer Secret to Getting Rich

If youre looking to do more with your money than just stick it in a CD or savings account, perhaps the most important Munger quote of all time is this one:

Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.

Because you need to spend less than you earn in order to properly invest, and because investing defers your ability to spend money from today to sometime in the future, even lousy investing beats not investing at all. Following Mungers advice throughout your career is just about the closest thing youll find to a guaranteed way for you to wind up financially comfortable during your retirement.

2. The Key Financial Lesson for Those Not Yet Able to Invest

For those not yet able to regularly sock away cash for their futures, Munger has these words of wisdom:

Once you get into debt, its hell to get out. Dont let credit card debt carry over. You cant get ahead paying 18 percent.

Once again, Munger is absolutely correct. He and his partner Buffett may be among a handful of investors in the world with a legitimate chance of outrunning credit card debt with investment earnings. We mere mortals dont have a prayer. The long-run returns from investing in stocks is somewhere around the 8 percent to 10 percent annualized range and even that isnt guaranteed. When compared to the 13 percent or more interest rates that typical credit cards charge, the importance of always paying off that credit card bill and the futility of trying to beat that rate investing becomes abundantly clear. The most important instructions for those who do invest. Finally, for those who are ready to invest, Munger has two critically important pieces of advice. The first:

The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.

And Mungers second key piece of investing advice:

There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasnt awash in cash and I dont want to go back.

Taken together, they form the foundation of the value-investing strategy that made Munger and his partner Buffett two of the richest people on the planet. In essence, Mungers advice boils down to:

• Figure out why a company has a right to win (its staying quality/competitive advantage)
• Determine what that company is worth (the discounted future cash flow)
• Pay less than that amount to buy it, and
• Its a better idea to hold on to cash than to invest your money poorly.

Its a pretty straightforward strategy, but its the one that made Munger the billionaire he is today.

These Words of Wisdom Work in Good Times and Bad

Those straightforward bits of timeless advice from Charlie Munger contain the keys that will let anyone able to follow them throughout a career wind up comfortable, if not downright rich. Yet while his advice can work wonders, life does have a way of throwing us curve balls. Jobs get lost, health is not always with us, cars get wrecked, and roofs leak. Dont let those curve balls dissuade you: Following Mungers advice gets you in a better position to hit them when they come flying past. For instance, its a lot easier to deal with the costs of a wrecked car if youve got a pile of cash awaiting investment than if youre already in a hole from carrying credit card debt. Even if youre not yet ready to invest, structuring your financial life around Mungers advice can set you up for success once youre able to get started.