I'm gen 12 and have 10 loom points into items.
After my 1st gen I sold my loompoint for money, and bought a +1 courser for less.
after 2nd gen sold my loompoint and bought a +1 heavy lance for less money.
3rd and 4th gen I made my courser to +3
5th gen I sold my +1 heavy lance and loompoint and then bought a +2 heavy lance (making a little money out of it)
6th gen I made my heavy lance +3
Had +3 courser and +3 heavy lance at this point
7th gen I sold my loom and bought a +1 broad one handed battle axe
8th gen I sold the loompoint for money
After 9th gen I sold the loompoint and the +1 broad one handed battle axe, and then bought a +3 heraldic mail with surcoat
At this point I had +3 heavy lance, +3 courser and +3 heraldic mail with surcoat and didn't plan on retiring again
Fucked up my level 33 build on my 10th gen, so at level 32 I retired and got one more loom point (lost a loom point and a gen bonus doing this)
After my 10th gen I sold my loompoint for money and bought +1 Wisby Gauntlets
Retired after my 11th gen and sold my loompoint for money.
So now I'm not retiring again at gen 12, and have +3 courser, +3 heavy lance, +3 heraldic mail with surcoat, and +1 wisby gauntlets. This whole time I've only borrowed 50k, and have been able to support being cavalry lancer with my normal medium/heavy gear throughout every gen but my 1st.