I don't think the above have to be mutually exclusive Jammy. You set out to do 1. However, if someone offers you 60m for Raphinha, you sell him and buy the 'next raphinha' for 20m' and add extra funds to the war chest. What matters is you're in control of that and not forced to sell, so you can make the best decision for the club. Sometimes the player will want to move for champion's league etc and it's better all round to cash in.
I think Raphinha will cost more than £60 million to prise away from us. Same with Phillips. There is no-one else in the squad, including Bamford, who I'd be reluctant to sell for a big money bid and look to replace.