You will be using your text tool for this tutorial. So click on that so we can begin!

Before you begin make sure your Create as is set to Floating.


Begin by typing out anything and then pressing okay. Press CTRL X then CTRL L so that the text is pasted as a new layer.
Now go to Effects > 3D effects > Inner Bevel


Now match your settings to mine:

And you're all done! You can try different settings and come up with new styles and effects for this.