Jimmy MacDonald, an ambitious office clerk with big dreams and little means, eagerly enters a slogan contest for the Maxford House Coffee Company, believing it could transform his fortunes. Doubtful but hopeful, Jimmy invests all his energy in the competition, envisioning a life away from economic worries for himself and his girlfriend, Betty Casey. His office colleagues, seeing his unwavering optimism, decide to play a prank on him by sending a phony telegram declaring him the winner of the contest, complete with a notable cash prize.

Elated by his supposed victory, Jimmy's newfound confidence leads him to make various financial commitments, splurging on lavish gifts and celebrating with Betty and his family. As the fake news spreads, it drastically affects Jimmy's life and the lives of those around him. The ensuing events unfold rapidly, as the truth behind the prank begins to unravel, threatening to upend Jimmy's dreams and aspirations.