Step 1
Open up a new file size 300×100 in pixels or whatever size you’d like. Click the text tool and type whatever with the font color black.

Step 2
After you’re text is in place and all good go to Filter >> Visual Effect >> Gaussian Blur. You can change the settings to whatever you want but I’ll show you my settings:

Mine after the blur:

Step 3
After your text is blurred, use the text tool again and type in the same text as before but changing the color. Then click ok and it should position itself ontop of the other text. If this is not the case simply move it around.

Step 4
Then you are done! But if you want to make it look just a tad better click and once.

My Result