Power
Shooting bolts of lightning from your fingertips, pointing at your friends and lifting them into the air with a thought, finishing your homework with a snap of your fingers—these are just a few things you'll totally not have the power to do.
Sadly, "real" magic is less about the impossible and more about the looking impossible. We call this illusion—that's where your power lies as a modern magician. You don't actually have the power to make the Taj Mahal disappear, but if your audience believes it has disappeared (à la David Copperfield's famous trick) isn't that just as good?
Being a magician makes you seem like a powerful person to the average Joe and Jane Mainstreet. People will look at you with breathless wonder and try to figure out how you did it—and most of them will be way off.
The mentalist magicians take it even further. Want to talk to your Aunt Ida who died a month before you were born? Certain "paranormal" magicians claim to use special powers to talk to those who have crossed over. Mentalists say they can read thoughts, talk to the dead, and even control minds.
There's actually another term frequently used for paranormal magicians: con artists. It's not that this type of work is inherently bad...just don't scam anyone out of their life savings for telling them what their cat Fluffy is "saying" from beyond the grave.