The novel revolves around Montgomery Brewster, a young man who inherits one million dollars from his rich grandfather. Shortly after, a rich uncle who hated Brewster's grandfather (a long-held grudge stemming from the grandfather's disapproval of the marriage of Brewster's parents) also dies. The uncle will leave Brewster seven million dollars, but only under the condition that he keeps none of the grandfather's money. Brewster is required to spend every penny of his grandfather's million within one year, resulting in no assets or property held from the wealth at the end of that time. If Brewster meets these terms, he will gain the full seven million; if he fails, he remains penniless.