The story opens with Peter regretting obtaining his powers as he gives a short recap of his origin from Amazing Fantasy #15. He notes also that since Uncle Ben’s death, he and Aunt May have been struggling financially. He brainstorms ways to get more money, at first briefly considering stealing it before coming to his senses and deciding to perform again. After his performance, Spider-Man gets paid with a check but finds out he cannot cash it as Spider-Man is not his legal name. When Spidey next sees his agent, he is shown a newspaper article written by J. Jonah Jameson, as well as public lectures branding Spider-Man a menace, effectively ending Spidey’s showbiz career.
With that option gone, Peter tries to get a job the old-fashioned way but is unsuccessful. While out, he spots Aunt May pawning some of her jewelry to scrounge up more cash and vows to earn money somehow for her sake. The next day, Peter goes to see J. Jonah Jameson’s son, John Jameson, as he attempts to orbit the earth in a rocket. Shortly after take-off, Jameson’s guidance unit becomes detached and the command center scrambles for a way to save him. Peter switches to Spidey, and offers to take the extra unit they have to the younger Jameson, much to Jonah’s chagrin. Spidey commandeers a plane and webs onto the rocket as it flies by, attaching the extra guidance unit, allowing Jameson to land safely. Spidey leaves and expects for his troubles to be over after his heroic feat, but gets a rude awakening when JJJ accuses Spider-Man of sabotaging the rocket himself to look like a hero. This leads to a full-on wanted poster for Spider-Man, leaving Peter crestfallen that nothing seems to go right for him.