I found a flawless set of instructions for installing Python and PIP on Mac OS X Yosemite. Had problems in the past for one reason or another, but this one did the trick.
Python, Pip on Mac OS X Yosemite
This guide shows how to install the latest 2.x release of Python and all important Python packaging / sandboxing utilities like Pip and Virtualenv under Mac OS X 10.10 Yosemite. I am using Homebrew to install pre-compiled software.