As someone who just recently tried this out again, with nothing to start off, I'll reiterate what everyone else said.
Loot everything!
No, I'm not rolling in the cash, I only have a couple of lvl 5's, but I have enough for spells and songs for a few levels. I even lucked into a class only weapon pretty cheaply. Bone chips and spiderling silks, as well as animal pelts are a godsend for a broke player. You just have to spend the time and effort to get them, then wait for someone to buy them
[You must be logged in to view images. Log in or Register.] The more you have to sell at one time, the better off you'll be. People seem to be more likely to buy your 6 stacks of bonechips, than 1 stack.
Just my observations
[You must be logged in to view images. Log in or Register.]
Good luck!