Step 1
Open up a new image and type whatever words you want. After the text is applied click Ctrl-C to copy it.

Step 2
Then open a new image bigger than the size of your text and fill it with whatever color, pattern, gradient, etc. Click Ctrl-E so your text pops up on your image.

Step 3
Then go to Selections >> Modify >> Expand. Pick howmany pixels you want and click ok. Then click Ctrl-C then Ctrl-V and you’re done!

My Result