This monogram style is one that I am fond of for wedding monograms, with the big letter in the middle the last initial and the smaller letters being his and her first names.
This effect lends a definite tone of aristocracy. Though I would not term this a "beginner tutorial," if you like the look, go for it! There are several steps, but I wrote this with you in mind, so you can do it. You will just have to be patient with yourself and go slowly. Glance through the whole tutorial before you begin, so you can get an idea where this is going.
It's easy to put text on a monotone background and have it stand out. However, when the background is multi-coloured, it becomes much harder to find a font style that will be easily readable.