A young innocent's surprise inheritance causes problems with her poor but proud boyfriend.

When wealthy, aging Cornelia Wheelwright learns from young lawyer James Amory that her father defrauded his former partner, Fortune McAllister, of $700,000, she leaves her Swiss home and returns to the United States, determined to right her father's wrong by giving one million dollars to Pamela McAllister, Fortune's sole living descendant. In order to learn what kind of woman Pam is, Cornelia, using the name Miss White, takes a room in Pam's boardinghouse. The other occupants include Dr. Patterson, who wants a job in a laboratory; Josie La Rue, an exotic dancer; young Alvie Grayson and his mother; Mrs. Galloway, the landlady; and Peter Rowan, an aspiring composer, who is also Pam's boyfriend. Pam, a salesgirl at Lacey's Department Store, is a vivacious young woman, and she and Cornelia take an immediate liking to each other. The following day, Jim, acting on Cornelia's behalf, tries to present Pam with a cashier's check for a million dollars, but Pam assumes that he is merely trying to flirt with her and does her best to avoid him. After several more futile efforts to deliver the money, Jim finally succeeds, and the stunned Pam marches straight to the bank in order to see the money first hand. She then goes on a spending spree, buying presents for everyone and a piano for Peter. To Pam's surprise, Peter is not very happy about her windfall. Peter's sullen attitude confirms Cornelia's feelings that he is not good enough for Pam, and she encourages Jim to court her. Later that evening, after Peter and Pam quarrel because she wants him to quit his job, Jim takes Pam out for a night on the town. When a tipsy Pam returns home, she learns that Peter has taken a job with a band and is leaving town. She excitedly plans to go with him, but Peter tells her that they will not be happy together until he is successful. Pam is surprised to learn that her money has come between her and her friends, and when the Internal Revenue Service claims a large amount in taxes, she demands that Jim reveal the name of her benefactor. Jim conveys her to the Wheelwright mansion, where Cornelia is preparing to return to Europe. At first Cornelia is furious, but when she hears how unhappy Pam is, she decides to stay and teach her how to enjoy her money. Several months later, at a ball to introduce Pam to society, Jim proposes, but Pam is still in love with Peter and turns him down. Hoping to lure Peter home, she underwrites a performance of his symphony. Peter is devastated when the work is badly received by the audience and is angry that Pam paid for the performance. Things improve slightly when Flo, the band's singer, tells him that, unknown to Peter, she showed his lighter compositions to a publisher, who bought them all. Peter returns to his job with the band, and Pam realizes that because of her wealth, she may lose him. She withdraws all her money from the bank and gives it away to friends and strangers. At Grand Central Station, she reunites with Peter, announcing to Cornelia and Jim, who have followed her, that she and Peter will marry and travel with the band. Having met people like Peter and Pam, who are determined to succeed on their own, Cornelia tells Jim that she has finally discovered what America is really like.