I spent 5 years studying rich people, and here are the 6 best pieces of advice I can give you about making more money

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There are smart ways to try and make more money — and there are not-so-smart ways.

Thanks to my five-year study of rich people (those with an annual income of $160,000 or more and a liquid net worth of $3.2 million-plus), I was able to uncover some of the best ways to make extra money.

Here are six of the best pieces of advice I found:

1. Pursue something you’re passionate about as a side business.

Build a side business doing something that you love and that provides value to others and society. The self-made millionaires in my study who loved what they did for a living accumulated an average wealth of $7.4 million over just 12 years.

When you do something you love, you will devote all of your available time to it.

The Wright brothers ran a bicycle business full time, and on the side they conducted their famous experiments that eventually led to the invention of airplane. Over the course of five years, the two brothers often worked eight hours at their bike shop business and another eight hours on their passion, the airplane.

When you do what you love, you are somehow able to find the energy and the time to devote to your passion.

2. Take calculated risks with your savings.

Success requires risk.

You have to risk some time and money in order to build wealth of any kind. I’m not talking about gambling, here. I’m talking about an entirely different type of risk called calculated risk.

This risk requires that you gain some experience and working knowledge in an area, and then put that knowledge to work by taking action (as opposed to diving blindly into an area in which you lack any expertise). It might be real estate, investing in a private business, starting your own business, or pursuing another somewhat-risky opportunity.

3. Develop a niche in your career or business.

Those in my study who had a unique expertise in a particular area were paid the most by their company or were able to charge more to customers or clients than their competition. You can develop your niche on the side, in the mornings, at night, or over the weekend through self-study or by taking classes at night.

Most of the millionaires in my study read 30 minutes or more every day for learning, and many others went to night school to develop skills and gain knowledge that would eventually help them accumulate enormous wealth. While this takes time and effort, it is an investment in yourself that will forever pay dividends down the road.