Schultz grew up in Ramsey, New Jersey, the son of clinical psychologist Dr Michael J. Schultz (died 2007) and primary domestic Judy (née Kinyon), and attended Ramsey High School and the University of Richmond. At the time The Lumineers released their first album, their press release highlighted the fact that Schultz, then age 9, had been quoted in a 1992 story in The New York Times. In that story (a profile of Dennis Kobray, who since 1986 has performed the award-winning musical/ acting show "Meet the Musicians", as part of which he tours elementary schools imitating classical composers as a way to introduce children to classical music), 9-year-old Schultz is quoted as saying: "I spend a lot of time on my drawings and it turns out good 'cause I've been practicing a lot."
Growing up in Ramsey, Schultz's best friend was Josh Fraites. Fraites died of a drug overdose in 2002, at the age of 19. In the wake of Josh's death, Schultz connected with Josh's younger brother Jeremiah Fraites, a drummer, and the two "found solace in music, writing songs and playing gigs around New York." The two toured under various names including Wesley Jeremiah and Six Cheeks, and released a self-titled EP, including future The Lumineers songs, "Flowers In Your Hair" and "Darlene".
Frustrated by their band's limited success in New York, and struggling with the high cost of living, Schultz and Fraites decided to relocate to Denver, where they could dedicate more time to working on their music and touring. Upon arriving in Denver, they placed a Craigslist ad for a classical cellist. Neyla Pekarek responded to their ad and ultimately became the third member of The Lumineers. The trio spent the next year playing gigs around Denver and touring nationally at their own expense.

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