1. A method of forming a magnetic memory device on a substrate, the method comprising: forming a first and second electrode on the substrate; forming a first magnetic memory component on the first and second electrode in a manner so as to be electrically coupled therewith; forming a first insulation layer on the substrate in a manner so as to overlie the first magnetic memory component and the first and second electrode; forming a word line on the first insulation layer; forming a second insulating layer on the first insulating layer in a manner so as to overlie the word line; forming a third and fourth electrode on the second insulating layer; forming a second magnetic memory component on the third and fourth electrode in a manner so as to be electrically coupled therewith, and wherein forming the second magnetic component increases the storage and fabrication density of the memory device; and forming a third insulating layer on the second insulating layer in a manner so as to overlie the second magnetic memory component and the third and fourth electrodes.