Monte Brewster's inheritance of his Grandfather Brewster's $2 million provokes his Grandfather Ingraham to promise Monte $10 million if he can spend his inheritance in one year and remain unmarried. Monte does his best, but he seems to grow wealthier with each spendthrift scheme, and his friends, especially Peggy Gray, secretly save and invest the money they are supposed to help him spend. A disastrous yachting cruise to Peru finally does the trick. Monte is broke, but he has married Peggy, so neither grandfather is satisfied until the salvaged yacht brings Monte a large sum and Peggy's investment in a Peruvian silver mine proves lucrative.