Henry Wilton is an elderly millionaire saddled with his selfish young second wife Emmy 'Sweetie' Wilton and a pair of spoiled grown children, Peggy and Eddie. To test his family's mettle, Henry pretends to have gone broke. Just as he suspected they would, his children rally to their father's side and change their ways: Peggy forsakes the fortune hunter George Struthers for the nice young man she's really in love with, the polo coach Larry Rivers, while Eddie applies for a demanding job and performs admirably. Only Sweetie seems to desert Henry.