@mmartin712 this is why you get that error. check out this excerpt below
#imagine I have text
text = "they know they know they know"
#call len on text
print len(text) #29
#now i split text. default delimeter is white spaces
text_split = text.split() #['they', 'know', 'they', 'know', 'they', 'know']
#call len on text_split
print len(text_split) #6
Now the problem in your code is the for loop you are using range(len(text)) which is probably bigger than the range(size) of text_split(which is a list) so when you write
if text_split[i] == word:
you will get an error when you the index i is bigger than the size of text_split. Now with all that said all you have to change is one thing in your code.
Change the for loop block to
for i in range(len(text_split)):