I know for sure that if each person has their own horse then the group can move fast without having to stop and rest too much. horses are good for escape too.
I think buying good armor is important. there is another game I play where you have to use armor cause if you don't your character dies really fast in a fight
Always be looking over your shoulder for foe and friend alike and never walk a dark place alone lest ye be ready for the next life.
I think it is important to read all the hints for survival that JB posts in the thread here about it. I found it very helpful in remaining alive. Also, rather than just go headlong into a battle, plan what you are going to do as though you really were alive. If you can avoid the fight avoid the fight. You might not get the prize, but you are more likely to live.
I am hopeful that as you live longer and your character's experience level increases you might find yourself at an advantage when looking for gold in future scenarios. We shall see!