Use Rectangular Marquee tool (M) and hold the SHIFT key to cut the part of the selection.



Copy the selection to the separate layer (from Background).



And use only 1 layer style, Color overlay.



To blend the edges use Add Layer Mask.



And there we go.



Now for what did we need the line layer. Ii is like the horizon line and also it will help me to set the text right.



Type the text, we use ???design your life???.



Our text layer position, opacity and mode settings:



There it goes.