Titanium Studio 3.X cannot start on Windows 8.1 64-bit OS (how to fix this)

Another round of JDK version problems with Windows 8.1 64-bit OS. I installed Titanium Studio but realized it could not work with the 64-bit version of JDK 8. Looking at the Titanium installation guide, I realized it needs the 32-bit version. I dutifully installed the JDK 8 32-bit version.

It ran for a while, but when I tried to use the Android emulator, it gave me another warning saying that the emulator needs JDK 7 to work. So I uninstalled the 32-bit version of JDK 8, and installed the JDK 7 32-bit version.

One more thing, you need to make use of the JDK 7 32-bit version. And, set the environment variable JAVA_HOME to point to the JDK 7 32-bit version.