Phillippe is the proud father of three kids. He shares two children, daughter Ava, 17, and son Deacon, 13, with ex-wife Reese Witherspoon, and has another daughter, 5-year-old Kai, with ex Alexis Knapp.
While chatting with ET's Katie Krause, the New Castle, Delaware, native admitted that he and Witherspoon aren't always considered cool parents.
"I don't think any parent gets the ultimate cool card," he said. "Maybe once they get into their twenties, and they're past the teenage period, I might become cool again, but I'm sure there's tons of stuff that both Reese and I do that embarrasses the kids."
"I mean, for instance right now, I'm shirtless on the cover of a magazine [Men's Fitness]," he continued. "I'm sure that's not my daughter's favorite thing in the world."
Phillippe also touched on what it's like constantly being told his kids are he and Witherspoon's doppelgangers, Ava specifically.
"I mean, it's weird, because isn't that obvious?" he joked. "Who else are they going to look like, you know? I always find that such a weird thing, like, [Ava] looks exactly like her mother, who else is she going to look like? It's an odd thing that people fixate on that."
"I've wondered sometimes how they feel about it," he shared. "We've talked about it too but I think we've all made peace with the fact that we're out there in the public and people are going to choose to key on whatever is interesting to them. It may not be interesting to us, it's not something--we don't sit around talking about how much we look alike."
In Wish Upon, out July 14, Phillippe portrays a father who gifts his 17-year-old daughter (Joey King) a magical music box that makes dreams come true. He said that while getting into character for the film, he definitely thought about his real-life relationship with Ava.
"She and Joey are exactly the same age and there's a lot of similarities," he explained. "They're both highly intelligent, super fun, you know, and so I think it also made it that much more comfortable for Joey and I."
"The fact that I have that experience and I could connect with her on that level, and I'm still very much in tune with what the youth is about today, because you have to be if you're a parent of teenagers," he added. "You have to stay up on what's cool and what's not and what's potentially dangerous, especially with the social media aspect of all of it, and our film sort of touches on all of those themes and bullying and all of that kind of stuff. So, it just made it all kind of fall together in a very comfortable way."
Phillippe continued on, telling ET that "luckily" his kids haven't had to deal with any form of cyber bullying, but it's still "something that you think about" as parents.
"I think they know friends who have, but I do find the youth of today being a little more sensitive to people who struggle or to people who are different than they were when I was growing up," he explained. "I think things were a lot more harsh, there wasn't as much sensitivity or understanding as there is now, so that's positive."
His oldest daughter turns 18 on Sept. 9, and while it would be normal for Phillippe to feel like he has to be overprotective of his first born, he didn't seem to have any worries.
"I think what we always wish for them is that they'll be content, they'll be happy with who they are, they'll be stimulated by things in life to the point where they can find their passion," he said. "That's what I -- I wish that she would find her passion."
"On my 18th birthday I was heavily wishing that I would make my first movie, which I did the following year," he continued. "I did my first movie [I Know What You Did Last Summer] when I was 19. So, that probably would have been my primary wish [back then]."