NEW YORK (CNN/Money) - That college savings plan I was going to start for my kids? I'm tossing it out the window. The long-term insurance? Yeah, that too. Nothing but term for me. Very short term.

You see, I'm planning for the asteroid.

Yeah, the big chunk of space rock headed for us. You can read about it here. The impact date is 2014.

Well, make that the probable impact date.

Okay ... it's only a one in 909,000 chance.

Still, there's a big downside if it hits. The scientists figure an explosion equivalent to 20 million Hiroshima bombs. We're talking serious Armageddon here ... and not the movie. (Besides, Ben Affleck could never help save the earth after "Gigli.")

So, remote chance or not, I'm going to plan for it. The dinosaurs didn't and look what happened to them.

First step, abandon the saving and planning nonsense. Education and retirement is a lot of hooey when the outer-space bomb is on its way.

"Sure, stop the long-term saving, keep everything in cash and have a ball," chuckled Walter Updegrave, our CNN/Money personal finance expert and columnist.

I'm going to bargain on the mortgage too. Maybe an adjustable rate with a balloon payment in 15 years. (Joke's on them!)

The IRS can look forward to a long string of extension filings from me. And I'm not wasting money on a will.

Of course, I need to rejigger the portfolio, too. One thing for sure, growth is out and value is in as far as stocks go. I should probably concentrate on the wealth preservation with immediate return too. That means loading up on bonds.

"Go for 14-year Treasurys, you'll make a killing," smirked David Katz of Matrix Asset Advisers when I mentioned my concerns.

Yeah, well I'm eyeing that aggressive growth fund in my 401(k) pretty hard. I wonder if 10 years is long enough for it to turn around?

Probably not.

I tell you ... this cut-off date is doing wonders for my personal finance point of view in terms of clarifying what I'm doing for then versus what I'm doing for now. Everyone should try it.

Of course, more people will as the asteroid gets closer -- just like more people start thinking about retirement savings when their bones begin to creak.

But asteroid or retirement, most people think about it too late.

So the asteroid is going to hit and wipe out life on this planet. Or will it?

"Just to be prudent, if there are survivors and such, you might want to diversify into gold and can-openers," suggested my pal Walter. "I'd go big into Spam."

You never know.  

Allen Wastler is Managing Editor of CNN/Money and a commentator on CNNfn.