To buy, or not to buy...

I've noticed that during the first turns of any new game on Suicidal, the AI empires spend their treasury as quickly as possible. I've generally tried a "slow-burn" strategy, where I go with a factories-only build using initially 0%/100%/0% production until factories are online, and 1%/99%/0% once I want to start cranking out colony ships. This has generally allowed me to steadily develop a handful of worlds, but of course I end up well behind the AI in number of colonies and especially technology.

My thinking is that long-term, cash is king. Since people = cash (to a point), my idea is to win the population race, and thus hopefully win both the economic and influence race.

Is this slow-burn strategy really viable? Should I be buying like crazy like the AI? Something in the middle?

Note: I've recently been playing on Abundant everything except for Anomolies (Rare), and Very Slow Research; victory is by military only. Finally, I'm using DA v1.6.
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I look at it from the standpoint that any cash you spend in the first few turns needs to be worth the cost. Depending on anomolies, I will sometimes rush buy 3 colony ships on the first 3 turns, because the faster you can colonize the more quickly those planets will produce for you. And I hate being beat to a planet by 1 or 2 moves, that really burns me. I usually wont rush buy a social improvement, unless its a research lab on a 300% icon tile or something like that. If theres a well placed resource that coincides with your plan of victory I might rush buy a constructor, especially if a minor civ is near it, those bast-holes love to build constructors.