How does an electron's spin create magnetism?

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simple question: how does an electron's spin create magnetism?
 
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My knowledge about it are restricted but I used to believe that Magnetism was created by many electrons that all have the same direction and sens, the spin would be the same. All those electron moving toward the same way would have effect on the space arround so the objects tend to have the same direction of electron because of the space deformation

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The two outer electrons in the iron atom tend to line up with their spins aligned. Electrons have a magnetic moment (due to a quantum effect, the Dirac equation) that is aligned with their spin. In ferromagnetism, a cooperative quantum effect lines up all the magnetic moments in large chunks of iron producing large magnetic fields.