Let's start over, since it looks like your happy accident produced a semi-transparent "Let's Ride" mask and it makes it hard to see what's going on...
To keep things simple, I'm starting with just a Background Layer (with the visibility turned off for now) and a Text Layer.
- With your Text Layer selected, use the Magic Wand to select the space inside each of the letters. Hold Shift as you click inside each letter to continue adding to your selection. (Note: The Magic Wand's tolerance level defaults to 32, that should be fine for the type of selection you're doing.)
- After all your letter shapes have been added to the selection, create a New Layer
- Go to Edit > Fill to fill the selection on your New Layer with a solid color. Any color is fine, just make sure the opacity is set to 100%.
- Now that your text shapes are filled in, deselect your selection (ctrl+D, or command+D if you're on a Mac), and click the eyeball icon next to the Text Layer to turn off it's visibility. You should only see your solid-colored Mask Shape now.
- Let's mask something! Create a New Layer just above your Mask Shape, and paste in your image.
- Right click your Image Layer, and select "Create Clipping Mask".
At this point you can toggle on your original Text Layer if you still want it, and/or your Background Layer to see things better.