Stranger Things Text in Photoshop

I was originally going to say make the text layer, and give it a Stroke Layer Style with Fill Opacity set to zero, but that would not let me get the slight Bevel & Emboss in your example.  So I had to Ctrl click the text layer to load it as a selection and use Edit > Stroke on a new layer.  I could then proceed as I needed to.

Inner and Outer Glow Layer Styles are pretty touchy and subtle changes to thir settings can have a large effect, so go carefully.  I used Outer Glow, and have opacity a wee bit higher than in your example.  I don't particularly like the effect.  Perhaps it would look better if kerning was raised to space the letters so the glow did not overlap.