Starting Early Is the Ultimate Cheat Code To Building Wealth | 100

This is Episode 100 of the Extreme Personal Finance Show, and we're celebrating with one of the most refreshing conversations we've had on this podcast. Nolan Omitt is 25 years old, works as a Hall Coordinator at the University of Kansas, and has been building smart financial habits since he was a kid. Not a kid as in "oh I saved some birthday money" -- we're talking about refereeing ice hockey at age 11 and earning $40 an hour while his friends were making $8 at their first jobs.

In this episode, Nolan shares how his dad opened a Roth IRA for him at 16, why he gave a speech in high school about the power of compound interest (and left his teacher rethinking her own financial plan), and how umpiring youth baseball for 13 years helped pay his way through college debt-free.

We also get into what Nolan sees every single day working in university housing -- the DoorDash deliveries piling up at the front desk, the Amazon packages overflowing storage, the students ordering meal prep kits for a dorm with one communal kitchen! What all of it tells us about the spending habits nobody is talking about with young people.

Plus: the money myth Nolan hears most from his coworkers, why he went debit-only until age 23, his path toward becoming a CFP, and the books that completely changed how he thinks about money.

Topics covered in this episode:

• How refereeing ice hockey at 11 years old sparked a lifelong curiosity about money
• Opening a Roth IRA at 16 and the power of starting early
• Using side hustles (umpiring, dog sitting) to fund a frugal lifestyle
• What college students' spending habits really look like from the inside
• The biggest money myth young professionals believe right now
• Why reducing taxable income is rule number one
• Books that shaped Nolan's financial mindset
• His plan to pursue the CFP designation and work with younger clients
• Reflections on attending EconoMe Conference for the first time

Contact Chris:

https://heavymetal.money

https://www.facebook.com/MoneyHeavyMetal

https://x.com/MoneyHeavyMetal

https://www.instagram.com/chrisluger

https://www.tiktok.com/@heavymetalmoney

email: chris at heavymetal.money

Connect with Nolan

nolan.omitt@gmail.com

https://www.instagram.com/nolo__33/

https://www.linkedin.com/in/nolan-omitt-7a03152b5/

Resources and Links:

https://campfi.org

https://economeconference.com

How to Pay for College Without Wrecking Your Retirement with Jack Wang, Smart College Buyer | 099

https://youtu.be/ZvGCkX6PztE?si=7CdeC_AoiKkLYP2d

Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required

by Kristy Shen, Bryce Leung

https://a.co/d/0b9iG9SD

The Psychology of Money: Timeless lessons on wealth, greed, and happiness

by Morgan Housel

https://a.co/d/09JsshOg

Choose FI: Your Blueprint to Financial Independence

by Chris Mamula, Brad Barrett, Jonathan Mendonsa

https://a.co/d/0fIqPMfO

Think Again: The Power of Knowing What You Don't Know

by Adam Grant

Contact Chris:
https://heavymetal.money

https://www.instagram.com/heavy_metal_money/

https://www.youtube.com/@heavymetalmoney

https://www.facebook.com/chrisluger

email: chris at heavymetal.money