Phillips was targeted by a number of Premier League clubs when Leeds failed to win promotion and Aston Villa offered £25million for the midfielder.
He told a Leeds documentary: “A lot of people talk about the money in the sport and it is life changing.
“There was speculation about me possibly playing for England and there was a lot of talk that I wouldn't be able to play for England if I was still in the Championship.
“So that was one of the things that made me think I need to be in the Premier League.
“I had offers which would have changed my life right there and then. I was second guessing myself, should I leave, should I not?"
Phillips, 24, opted to stay and sign a five-year contract at Elland Road and was key to their Championship success last season.