They're the equivalent to a hook, except they will hold anything that weighs less than a pound (ish) and has a magnetically attracted metal on it. Your keys, flashlights, pliers, screwdrivers, scissors, and multi-tools all can be held with these bad boys. And since you don't need any tools to create them, and they don't damage walls, these are unbelievably useful for dorms, apartments, and homes alike. Simply put, they are magic.
Step 1: Gather Materials
Not Pictured: You'll also need a wall. And a pair of hands. The pair you're using right now should be fine.