You need less than a minute to create such an effect, easy, simple, and look’s nice.
Simply, to do it professionally, convert the text Layer to a Smart Object by going to Layers > Smart Objects > Convert to a Smart Object.
Now, duplicate the smart object, and add the Minimum Filter* to the lower layer from Filters > Other > Minimum and scale it a little bit bigger than the original size.
*FYI: the Minimum filter maximizes the size of objects and the Maximum filter minimizes objects size. I know it weird; maybe Adobe guys will fix it later.
Back to the tutorial, staying in the same lower layer, add a layer style, either by clicking twice on the layer, at the Layers Panel, or go to Layers > Layer Style and add a stroke. Change settings to:
Fill Style: Gradient
Style: Shape Burst.
Increase the size of the stroke, 8 to 10 will be fine.
And change the Gradient colors to something similar to the following:
Now, still in the layer style box, go to the Blending Options: Custom and decrease the Opacity under the Advanced Blending to ZERO and press O.K. see the following figure.
Finally, if you want to change the color of the text, you can add a color overlay layer style.
O.K. why do we change the color within the smart object? Because doing so will change all copies of other duplicated smart object.
ALL DUPLICATED SMART OBJECTS ARE VIRTUAL and PHYSICALLY YOU HAVE ONLY ONE SMART OBJECT.. lol I like this explanation, IT guy
See ya soon