Not sure if it's Playstation only or if Xbox also has couch play coop but if you make a psn and bnet account, complete the prolog and join together (same screen, 1 copy purchased) level it up and gear it solely to be a follower that doesn't die you can get twice the gold, hellfire chests and boss mats.
After it's afk for a bit it follows you and picks up cinders/gold, all the other drops can be looted on your main. Thorns defense barb and necro with auto skill legendary are the best.
Since it follows you, leveling it to 50-70 is best to stay in t2 or have someone else Power level you and then you're set.
If you play softcore you can let it die in hellfire and still get double cinders before revive.