Engineers and business partners Michael O'Brien, Allan Chadwick, and George Melton are wealthy but lonely old men. Faced with spending Christmas Eve alone in their New York mansion, good-hearted Michael suggests that they drop three wallets, each containing a ten dollar bill and one of their business cards, out their window and ask whomever returns them to stay for dinner. Although cynical George is certain that no one would return a wallet containing cash, struggling Texan James Houston and young clinic worker Jean Lawrence both return the wallets they find. Jimmy and Jean fall in love over dinner and soon become inseparable from Michael, Allan and George, who reveal in their company, until the three gentlemen tragically perish in a plane crash. After the accident, the three men return as ghosts, but only their faithful Russian housekeeper, Madame Tanya, senses their presence. Michael has bequeathed Jimmy some bonds with which he launches his singing career. Because of the strange circumstances connected with his inheritance, Jimmy receives much publicity, thus attracting the attention of seductive radio radio star Arlene Terry. Becoming infatuated with Arlene, Jimmy soon begins to neglect Jean. Michael, watching helplessly as Arlene ensnares Jimmy, pleads with him to return to Jean, but his entreaties are in vain because Jimmy cannot hear him. When Arlene convinces Jimmy to go away with her for a weekend, Michael asks Tanya to intercede, but Jimmy refuses to heed her advice. Soon after George is taken to the nether world and Allan is called to heaven by his son David, a solider killed in World War I. Michael is also called to heaven but refuses to go becauses he senses trouble and wants to help Jimmy, even if it means he is destined to wander the earth for eternity. Michael's instincts prove correct when Arlene's jealous, estranged husband fatally shoots Jimmy in a country inn. Jimmy is rushed to the hospital, where his heart stops beating on the operating table. Now dead, Jimmy is able to see Michael. When Jimmy sees Jean crying for him, he finally realizes that he has made a mistake and Michael intercedes with a voice from above to give Jimmy another chance. Jimmy's heart then begins to beat again, and with Jimmy's happiness now assured, Michael also ascends to heaven, accompanied by George, who is now ready to join his friends.