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Soon after his discharge from the Army, New Yorker Montague "Monty" L. Brewster learns that his long-forgotten uncle, who made a fortune in Bolivian tin, has died and left him eight million dollars. The unemployed Monty, who is engaged to secretary Peggy Gray, is ecstatic over his good fortune, but learns from his uncle's executor, Swearengen Jones, that the will stipulates that he must spend one million dollars by noon on his thirtieth birthday in order to receive the balance of seven million. Even though his thirtieth birthday is only two months away and he knows that the one million dollars cannot be spent frivolously or given away, Monty is confident he can get the job done. When Jones informs him that he cannot marry during the sixty days and must swear a vow of secrecy regarding the will's terms, however, Monty begins to worry. Monty and Peggy had planned to marry immediately, and Peggy is confused by Monty's sudden request for a postponement. Peggy and Monty's two best Army buddies, Noppy Harrison and Hacky Smith, are also baffled by Monty's sudden wild, unwise spending, but agree to work at his new business, Brewster & Co. Within a week, Monty has spent $300,000 making seemingly bad investments, bankrolling a lavish party hosted by heiress Barbara Drew and paying his employees outrageously high salaries. His initial "successes" soon turn to disaster, however, when his bad investments start paying off and he learns that he has won a $25,000 radio contest. Monty is also in danger of losing Peggy, who is jealous of Barbara and angry over his spendthrift ways. Desperate, Monty decides to put $95,000 into a Broadway production, starring chorus girl Trixie Summers, and buys her a $30,000 fur coat as an investment. As hoped, the play is a flop, but Nopper and Hacky, taking matters into their own hands, close the show and lease the theater. When confronted by the show's angry performers, Monty decides to mount the production on board the expensive Drew family yacht and conduct a goodwill tour of East Coast naval bases. Monty then postpones his wedding yet again. Believing that Monty is interested in both Barbara and Trixie, Peggy returns his engagement ring and announces she is not going on the tour. On advice from her mother, however, Peggy changes her mind and joins Monty at the last minute. Peggy's suspicions are soon rekindled, however, when she spies her engagement ring, which Monty has learned is a potential asset, on Trixie's finger. After Peggy declares her intention to disembark in Florida, Monty orders the ship's captain to sail directly to the Caribbean. Nopper and Hacky, however, thwart Monty's scheme by convincing the captain to head back to New York. To make matters worse, the cast of the show announces that they are donating their services for the war effort. Monty's fortune appears lost until the yacht hits a floating mine, and Monty arranges for the Navy to tow the disabled boat for $400,000. Back in New York, on his thirtieth birthday, Monty, having finally spent the entire one million dollars, awaits Jones with his receipts. Moments before Jones is due to arrive, however, Nopper, Hacky, Trixie, Barbara and the Grays's servant Jackson insist on giving money to the now-broke Monty. Monty is $40,012 richer by the time Jones shows up, but as the clock starts to strike twelve, Monty gets the idea to pay Jones his executor's fee of $40,000. Still holding twelve dollars, Monty then pays off Jones's cab driver as the last chime sounds. All ends happily as Monty is awarded his seven million dollars, and he and Peggy reunite.