How to make your own bootable OS X 10.10 Yosemite USB install drive

Ars Technica:

There are still good reasons to want an old, reliable USB stick. For instance, if you find yourself doing multiple installs, a USB drive may be faster than multiple downloads (especially if you use a USB 3.0 drive). Or maybe you need a recovery disk for older Macs that don’t support the Internet Recovery feature. Whatever the reason, you’re in luck, because it’s not hard to make one.

I always prefer to have at least one “offline” copy of the latest OS X version.