When the chemical company owned by eccentric Professor Higginbottom files for bankruptcy, the formerly-affluent family loses its income. Levelheaded oldest daughter Lambie struggles to make ends meet but has trouble persuading her carefree, profligate siblings to cut down on their spending. Youngest brother Dick enters a motorcycle race to win $500, but crashes his bike on the speedway and is paralyzed. Shocked into reality by the tragedy, Lambie's younger sister Babs persuades ex-prizefighter Gunboat Bimms to enter the ring one last time in hopes of winning a purse that will pay for Dick's surgery.