My magnet did save my butt one day.
Wife and I were kayak fishing on a lake and when I came back out of a little cove, she frantically waved me over. Seems while she was clearing a tree snag, her favorite rod/reel jumped from her kayak into about 12' of water. Luckily, I always keep my magnet fishing gear in the kayak and I was able to retrieve her rod with a few jigs. Saved me some money, it did.