Powerful people are often cloaked by the fantastic notions regular people have about who they are, what they do and what they own. Usually these myths are spread, leaving faithful followers to believe these half-truths without question. Leave it to The Source to demystify the seven top fallacies swirling around some of our Power 30 greats.

All the rich and famous own their own planes.

Private planes are exclusive to the mega rich and while Diddy’s bank account may qualify, he has yet to splurge on a personal jet. Instead, he’s opted to buy into Net Jets, a company that rents private jets by the hour. And though some may attempt to slight him, the eco-friendly Ciroc king just probably prefers to pool his resources rather than invest poorly.

Jay-Z owns the Nets basketball team.

While it may be true that Hov has been ballin’ way before the song, talk about Jay “owning” the NJ Nets is a bit exaggerated. It is true that Jay can call himself an owner and he does receive profits from the franchise, but he is in fact one of many investors in a group headed by Bruce Ratner. To be exact, Jay owns about 1.47% of the team.

50 Cent ONLY made $100 million from the Vitamin Water deal.

$100 million is nothing to sneeze at, but as far as 50 Cent is concerned, that may just be the tip of the iceberg. After Coca-Cola forked over $4.1 Billion for Glaceau which produces Vitamin Water, 50, who owned 10% of the company, will eventually net $400 million in the deal. “I Get Money” indeed.

Every celebrity drinks champagne, smokes weed and eats steak— all the time.

That fact that making a lot of money is often referred to as “eating good” on the street is no coincidence. But the thought that all celebs enjoy steak and champagne isn’t exactly accurate. As a known vegetarian, Russell Simmons avoids steaks made of anything other than tofu. And likewise, 50 Cent, despite being an ex crack dealer, doesn’t smoke or drink anything stronger than Vitamin water.

You don’t have to be smart and be a rich entertainer, because college degrees don’t matter.

While Kanye West may have made it popular to be a College Dropout, high-flying rockstar Lil Wayne didn’t get the memo. After enrolling in the University of Houston, he was forced to leave due to his fame disrupting the campus. But Weezy didn’t give up, he went on to complete his education online via the University of Phoenix and received his Bachelors of Science in Psychology.

The Hip-Hop rich are not monogamous; they all have multiple partners.

It may seem that the rich and famous live to be nothing more than neck deep in women. But you might be surprised to learn that the rich often enjoy the support of a good spouse. Russell Simmons and Lil Wayne have both jumped the broom before and T-Pain and Jay-Z are both currently, happily married men. So why not put a ring on it?

All rich people are famous.

While you may think that to be rich you must be famous, some of the most powerful men and women in music enjoy complete and total freedom from the confines of fame. Many record label heads and executives such as Doug Morris CEO of Universal Music Group, Mona Scott CEO of Monami Entertainment and Stephen Hill Co-President of Programming at BET, have no need for the fame that the artists they manage or cover garner. In fact, they often prefer to remain known in select power circles, where respect trumps popularity. ——MC