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Cities = ecnomy
When you have a city, focus on buildings that increase public order, economy, trade, religion. Not in that order but in regards to what the city needs most at that moment.
For castles, focus on barracks, stables and archery ranges to make sure you have the best troops available.
You can queue buildings and units to be constructed. Don't do this if you don't want to see all your money gone for "some" reason. Build only 1 building at a time per settlement and only recruit the amount of troops a settlement allows. This ensures you always have a load of money starting a turn.
Cities are your money maker, set your taxes to low, to get the population growing, when it comes to your economy mines give a fixed income build them early to get the most benefit, since it takes a little while for them to pay themselves off and then its free income so long as you hold the region, farming helps with population growth and a bit of income, market and port building chains are where the cash will really come from with trade income since you still generate it with domestic trade unlike the newer total wars that rely on you having trade partners.
Once you have a city maxed out, then you up the taxes as much as your public order will allow, make sure to build your public order, religious and garrison buildings to allow you to max out the tax rate. As for the garrison building in cities get to the point where you can at least recruit missile units after that its lower priority for awhile.
Make sure to convert unnecessary castles along the coast that have the port building to cities so you can get the trade income, I say unnecessary because you don't want to do this if you only have the one castle but once you have expanded and are no longer relying on it then it is time to convert it.
As for upgrading troops armour, the blacksmith building chain will do that, at most you will want your cities to be at the point they have either a blacksmith or one tier up the armourer building, for castles you will want to go to the point where you can get plate mail, you can go further if you feel like it but it won't be as relevant till you unlock the late period units.
Your front line/borders are going to move so your priorities are constantly going to be changing:
When it comes to cities and castles its just a matter of deciding what buildings you want to prioritise, just think having a fantastic castle that can recruit everything and max out their armour is nice and all but when it ends up 10 - 20 settlements away from your front line its usefulness drops considerably, settlements close to the front/border should have a military focus everything else should be focused on economic and public order buildings.
Other than that don't expand too quickly or you won't have the gold you need for the troops to protect everything. Cities get free militia garrison slots based on the wall sized base your back line garrisons around that number of free units, it frees up money for troops on in the front line settlements and armies.
There are also traits that matter when you rule your country
Chivalry ruler - YOu have chivalry points and that makes your people happy as your ruler, if you want to increase chivalry points you gotta low the taxes and you'll see they'll be happy
Dread ruler - The dreads keeps increasing the higher taxes you put in to your cities.
Equipment of your troops comes from swordsmiths and armorers. Normally you can browse on the building browser and see all building types there. Armorers always available in both city and castle so if you upgrade them, you'll get an upgrade of an armor and that will give you some sort of an icon bronze/silver/gold shield icon , take note that the armor also changes to any units
Swordsmith are guild that appear by chance so if you recruit a lot of melee troops swordsmith might appear for your services to increase the quality of your weapons.