I have 40+ columns in my table and i have to add few more fields like, current city, hometown, school, work, uni, collage..
These user data wil be pulled for many m
I would advice to run some tests. Try it both ways and benchmark it. Nobody will be able to give you a definitive answer because you have not shared your hardware configuration, sample data, sample queries, how you plan on using the data etc. Here is some information that you may want to consider.
Use The Database as it was intended
A relational database is designed specifically to handle data. Use it as such. When written correctly, joining data in a well written schema will perform well. You can use EXPLAIN to optimize queries. You can log SLOW queries and improve their performance. Databases have been around for years, if putting everything into a single table improved performance, don't you think that would be all the buzz on the internet and everyone would be doing it?
Engine Types
How will inserts be affected as the row count grows? Are you using MyISAM or InnoDB? You will most likely want to use InnoDB so you get row level locking and not table. Make sure you are using the correct Engine type for your tables. Get the information you need to understand the pros and cons of both. The wrong engine type can kill performance.
Enhancing Performance using Partitions
Find ways to enhance performance. For example, as your datasets grow you could partition the data. Data partitioning will improve the performance of a large dataset by keeping slices of the data in separate partions allowing you to run queries on parts of large datasets instead of all of the information.
Use correct column types
Consider using UUID Primary Keys for portability and future growth. If you use proper column types, it will improve performance of your data.
Do not serialize data
Using serialized data is the worse way to go. When you use serialized fields, you are basically using the database as a file management system. It will save and retrieve the "file", but then your code will be responsible for unserializing, searching, sorting, etc. I just spent a year trying to unravel a mess like that. It's not what a database was intended to be used for. Anyone advising you to do that is not only giving you bad advice, they do not know what they are doing. There are very few circumstances where you would use serialized data in a database.
Conclusion
In the end, you have to make the final decision. Just make sure you are well informed and educated on the pros and cons of how you store data. The last piece of advice I would give is to find out what heavy users of mysql are doing. Do you think they store data in a single table? Or do they build a relational model and use it the way it was designed to be used?
When you say "I am going to put everything into a single table", you are saying that you know more about performance and can make better choices for optimization in your code than the team of developers that constantly work on MySQL to make it what it is today. Consider weighing your knowledge against the cumulative knowledge of the MySQL team and the DBAs, companies, and members of the database community who use it every day.