You have other options as far as gearing though - You can get 550-560 gear that is decently itemized for pennies in comparison to the high end shit. So just hit up the market, seriously. You'll eventually, doing the PVP influence runs with the guild, get a full faction gear set if you want it. But a well itemized set of Heavy gear in the 580+ area is night and day difference between low 500's gear. I have a hodge podge of Luck gear, and a full on tanky boi set. The difference is about 4000 hp, and 433 Physical more. (I could redistribute stats to strength from the overfill of Con, but Im just lazy and it still gives +hp). I dont even have to block Brute in Siren's anymore with tank gear on and can just hammer him down with the rest of the DPS. DPS hit me for negligible amounts in PVP as well. Did a couple influence runs with the company last night before joining Lumi in a WM farm and when our armies met, I was just laughing at the amount of damage I was taking. Just f'n sucks that the best luck gear Ive found is weak in comparison, so I get slapped like a bitch when Im wearing that. Full Voidbent is way weaker than my current tanky boi gear in comparison, so I havent been super excited about getting it for a luck set.
If you want a constant stream of money to get started on bigger purchases, get your refinery skills up and start cranking out those 10/day cool downs like Asmodeum. Its cheaper of course to go and find your own Legendary mats, but on Vingolf, the amount of Tolvium/Cinnabar dropping in comparison to the people making Asmodeum with the limit - you can pretty much buy the mats off the auction house cheaper than it what the end result makes. Especially on late Saturday evening, and set yourself up for the week, still making somewhere around ~300 gold profit per piece after costs. Runic Leather, somewhere around 100 profit, phoenixweave somewhere around 150-200. I hate f'n logging, even though Im at 200, but if you dont mind it - get the Ebony CD done too. Also, collect the armors like "Tanners Hat" etc, so that when you craft them, you have a chance to increase your yield by one or two. Full suit for leatherworking, two pieces for weavers, Smelting doesnt drop afaik, logging idk, stone cutting drops in some capacity.
Then once you have a steady stream of income coming in, get three houses (Small houses are optimal. Buy one in the territory where you do the most crafting if you craft, so you can get the property tax deduction territory cards, BW, and MD (purple owned and in semi good locations for ports) and you should come out to cheapest taxes per week.) Then fill it with trophies corresponding to what you're doing while playing the game. If you're not a crafter or gatherer, fill it with the +dmg trophies and a luck trophy. If you are a crafter or gatherer, you should still have one trophy in each house dedicated to Corruption damage for Invasions but fill it with +armoring, or +Mining Luck etc. Try to go through our company guy for Furnishing to make them, Ineffable, if you dont want to grind Furnishing yourself.
Then, after you're done there - take your Asmodeum, Runic Leather, Phonixweave streams of income and start stock piling them. One reason is that whenever merges happen, those dailies are probably going to double in price. The other reason is, if they dont - then you'll have plenty piled up to get Lumi to make you some high end armor and hope for the best rolls. Whenever the stars align and Lumi has all the +Max and +Min buffs, armor and trophies going - it'll be between 595 and 600. Its just hard right now considering that we keep losing tier 5 forges, so having a house in a territory that has the +min buff to armoring going is a crap shoot. At least we're getting to a point where we're going to start winning invasions at least. Another 60 with top tier corruption buffs getting in will help quite a bit.
While you're doing all that, and after, you'll of course be joining the groups for the watermark farms. Collect every piece of trade skill gear you can (+Score on JC for example, +Mining Luck, +Luck etc.) and keep upgrading those pieces as time goes. Certain pieces like Armorer's Hat, keep one, sell the rest - they sell really well. Even if you dont plan on using them, you're better off having the set than not.
Then, like Cybsled said - once you're in the 580-590 period, doing Genesis or Lazarus wont be a waste of a key.