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

Orange - Design your life

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

Orange - Design your life

And use only 1 layer style, Color overlay.

Orange - Design your life

To blend the edges use Add Layer Mask.

Orange - Design your life

And there we go.
   


Orange - Design your life

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.

Orange - Design your life

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

Orange - Design your life

Our text layer position, opacity and mode settings:

Orange - Design your life

There it goes.

Orange - Design your life