A method for assembling a reel comprising a first flange, a second flange and a barrel is disclosed. This method comprises (i) securing at least one spring-loaded magnetic guide to a base; (ii) positioning the first flange over the at least one spring-loaded magnetic guide and the base, so that a distal end of the at least one spring-loaded magnetic guide is inserted through a first hole in the first flange, (iii) connecting the barrel to the first flange, (iv) connecting the second flange to the barrel so that the barrel is located between the first and second flanges, (v) inserting at least one threaded fastener through a second hole in the second flange such that a distal end of the at least one threaded fastener is magnetically attached to the distal end of the at least one spring-loaded magnetic guide, and (vi) connecting the at least one threaded fastener to the first flange to form the reel. Also disclosed are the structures of the spring loaded magnetic guide.