It's springtime and love is in the air particularly for Mr. Magoo. Magoo is disappointed to learn his nephew, Waldo, had a fight with his girlfriend, Juliette. Magoo plans to have Waldo and Juliette reunited but instead of going to Juliette's apartment, he goes instead to a boxing ring where a boxing female kangaroo is sparring. Magoo mistakes the kangaroo for Juliette and invites her home to meet Waldo. Unfortunately, the kangaroo is trained to throw punches every time she hears a bell and Waldo is usually at the receiving end of the blows.

An insurance salesman enters Magoo's house hoping to make a sale. Magoo refuses but the salesman is eventually able to sell Magoo some by posing as one of Magoo's old college chums. Magoo is now worth a hefty sum and is ready to collect after being bitten by a dog (actually a tiger rug) but, instead of going to the insurance building, enters a building under construction next door to it. The salesman and his boss notice Magoo walking around the steel skeleton of the building and realizing, "If he falls, the company falls", they rush over making several attempts to save Magoo's life and keep him from endangering himself.