To install your personal python package, first create a source distribution by entering python setup.py sdist. On UNIX systems, default output format is a gzipped tar .tar.gz.
When the source distribution has been created, use pip install -e /path/to/setup/file/ to install the distribution in editable mode. What this does is it created a symbolic link, adding the location of the source distribution to the python path sys.path.
When this is set up, new versions of your package can be rolled simply by replacing the source distribution.