That is one perfectly good solution.
Another is that Quicken FINALLY updated Quicken 2007 to run on Lion (and Mountain Lion) and from what I've been told it works fine for most people. It's not as up-to-date as the latest Windows version but that doesn't appear to matter to many. So you could use that if it supports the features you need.
Another option of course is "find something else." The Mac has several good financial programs that, depending on your needs, could replace Quicken. A lot of people I know seem to like Mint.com (owned by Quicken) and iBank (an alternative) as options for them. There are other programs as well.
Where the Mac falls the most short in this area, apparently, is in providing a superior or equal alternative to Quickbooks, which is an accounting app aimed at small businesses. There hasn't been a Quickbooks update for Mac in years and I'm told the experience is vastly inferior to the Windows version.