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Molly Gunn (Murphy) is the freewheeling daughter of a late rock legend and the toast of the Manhattan social scene, but when her inheritance is stolen, Molly is forced to do something she's never done before - get a job. She becomes nanny to precocious Ray Schleine (Fanning), an "eight-year-old going on forty." Emotionally distant from her A&R executive mother Roma (Locklear), Ray has grown up with a revolving door of nannies and too little stability. Molly and Ray both feel painfully alone in the world, but as they try to make their new arrangement work, each discovers in the other a true friend.
The storyline, set in the South in 1961, revolves around a precocious girl who overcomes the negative effects of abuse by singing and dancing like Elvis.