Rule 1: Buy a motherhsip (middle colonizing cap) as your first cap
Rule 2: When you expand to new planets, buy the upgrades so that the planets make money for you (creds) and buy the mines too
Rule 3: Buy Illuminators with Advent. You'll need three labs to tech them, but they're worth it. If he's making cobalts, flak, and lrms; illums will crush them.
Rule 4: Try to get as many planets as you can reasonably manage. Don't go overboard, but you shouldn't be content with 3 planets. Six is what I'd call the threshhold of where you finally have a good econ that would be able to support buying a realy good big fleet.
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