Titles, lower thirds, little labels — text layers handle it all. They’re super easy to create and even easier to edit.
Steps to add a new text layer
Select the Type Tool from the toolbar or press Ctrl+T (Windows) / Command+T (Mac). Click anywhere in your comp viewer and start typing. You’re done.

You can also create an empty text layer without typing right away by pressing Ctrl+Alt+Shift+T (Windows) / Command+Option+Shift+T (Mac) — this adds a new layer to your timeline ready to go.

Use the Character and Paragraph panels to adjust font, size, tracking, and alignment.

One more thing
Press V to jump back to the Selection Tool and move your layer around without editing it by accident. Saves you from accidentally changing what you just typed.
Related how-tos
How to apply an effect in After Effects
How to use text presets in After Effects
How to use adjustment layers in After Effects
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