As per my recommendation in my previous post, I have gone ahead and bought my personal domain name asimbhuta.com, which cost me approximately £10.
I will soon be uploading a wordpress blog onto the domain, where by the front page will be a static page rather than a blog page. The idea behind a static page is that the information you want to present on the home page remains on the homepage. Usually upon installation of a wordpress script the homepage is your blog page. Simply change the settings from the admin panel and you are good to go.
Once I have my website set up, I will post a review on how easy/difficult it may be for many beginners to set up their own blog on their very own domain name.
I still stand by my opinion that a personalised domain is the most professional way to present yourself online.