The 40-year-old music mogul - who recently formed a new group called Dirty Money with singers Kalenna Harper and Dawn Richard - admits he named the band after spent time thinking about his cash-stashing habits.
He said: "It`s called Dirty Money because of a situation I found myself in a while back. I had some dollars stashed in my pants. I keep my s**t pretty tight so there was no question of this cash being, you know, tainted in any way.
"But it made me think it was dirty money from being stashed down my pants. That`s where the name came from."
Outside of music, Diddy has several other business ventures on the go and thinks it takes special skill to be able to juggle his many endeavours.
He added in an interview with Q magazine: "I had to have an honest `Come to Jesus` conversation with myself. Art and commerce. I have a unique gift on how to mix them. I believe I have a skill for business, but I don`t see why I cannot still focus on the thing I love, my music. The girls know how much I`ve put into Dirty Money. It has all my attention now."