Having a self hosted blog gives you freedom to make money and own the content that you have worked hard for. It will also help you get all your content sorted and will help you in getting good quality indexing in google SERPs. Since independent sites seem more trustworthy to Google’s indexing then unpaid blog domains such as www.xyz.wordpress.com.
It will also allow your blog to get monetized after you have spend a good amount of time on it and have shared really juicy content for your reader. Remember that content is king for google at this point of time so all you should be worrying about is that how much research and financial considerations you should be looking at.
Once you are sorted with above process. You will then be ready to move on to next and be a part of the successful bloggers global community!
Read my initial wordpress.com blog here