Terrance believes Open Minded filters out undesirables with tools like the monthly membership fee.

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It goes without saying that Ok Cupid has one of the better reputations of more popular free dating websites for having a wide variety of quality users.

However, Ok Cupid has many not-so-great users as well, and it’s not uncommon for women to have the misfortune of encountering them, and in the past, I have as well.

"I was trying to solve my pains." In 2006 he launched Seeking Arrangement.com, the original "sugar daddy" dating site. Other dating sites followed, like Whats Your Price.com, where people "bid" on a first date with a woman. Payment helps compensate a woman for her own investment—"It's quite costly for any woman to go on a first date with a guy." Wade said Seeking Arrangement will bring in $30 million in revenue this year "and is profitable." Whats Your Price will clear about $10 million.

Navigating Web dating's rough shoals: e Harmony CEO And now, for his next act, Wade has created Open Minded.com, "a safe and stigma-free environment that brings the ease and flexibility of online dating to the currently underserved world of open relationships." (Tweet This) "The traditional model of marriage and monogamy isn't working out for everyone," Wade told CNBC.

"Many sites have a very adult feel to them," including nude pictures, "which is quite a turnoff for younger individuals who approach this from a more scientific perspective." Wade said no nudity is allowed in members' public profiles, though private folders can be more revealing.

"Our goal is to keep the porn out and keep the site classy," he said.

When someone says online dating, one of the first sites that comes to mind is Ok Cupid.

It is estimated that there are about 30 million total users, with roughly 1 million unique users logging in every day.

He knows if he had stayed at Booz Allen he probably would have made a very nice living, "but I would have no time to enjoy life.

I'd rather get rich doing something that I love." He thanks his mother for his success. 'One day you'll be successful, all the girls will be there,'" he said.

Forty percent of members are between the ages of 18 and 35, with 38 percent between 35 and 50 years old.