I used to find myself "looking" for the chuck key for my drill press. I have a benchtop drill press mounted to the top of a 2-drawer metal filing cabinet on locking casters. I was frequently misplacing the chuck key and decided to end that problem. Hanging it from a string wasn't an option as it could get in the way when I was working. My simple solution was to put a magnet on the handle hub and now it's never lost, it's out of the way, and handy when I need it.