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Otherwise maybe like mid range armor. And also just buying trading goods. I Even if im not playing a trader, im still playing one. I always buy trading goods at every stop I make. Since at some point ill be going to a city again. its just free money. Plus eventually you can get half way into trading and get the 5k refund on every caravan/workshop lost. Making at least caravans very much worth it, as long as you dont place them in terrible spots.
otherwise other than caravans, or a work shop in a really safe location (generally in a corner thatll be very hard for hostiles to take). Just save up, youll need a lot of money for when you start your own kingdom, or get fiefs and such.
I dont think there is too much to invest into other than what I said (and obviously your army so you can get into battles with lords thatll make you a ton of money)
Should I go on reddit see what workshop place is the best and buy that one? I heard in some place they make 500 a day from their worskshop
Workshops are handy as long as they aren't in cities hostile to you. If your workshop is in a city and you find yourself at war with the owning faction, you'll lose the workshop.
Put your workshops in fiefs with good prosperity that have trade bound villages producing what you want your workshop to make. Depending on your game, different areas may be better than others.