A compound-holding device for use with a working material in one embodiment comprising a plate having a top and a bottom surface. A magnet for retaining tools is mounted on the bottom surface of the plate. In another embodiment of the invention, the handle is hollow and a magnet is placed inside the handle for retaining elongated tools such as screwdrivers within the handle. Other retaining means are threading, a clip or a locking pin system. In another embodiment a pan is disclosed having a bottom surface and sides extending upwardly and outwardly therefrom. Magnets for retaining tools are mounted on the sides of the pan for holding tools. A magnet-free zone enables holding by hand without interference of protruding magnets.