First time investor, where should I invest?

I am looking to open up my first index fund or mutual fund account. I have looked at Vanguard and I was wondering If anyone had experience with Vanguard or other investment groups. I was thinking a Vanguard balanced index fund.

What are other reputable investment groups I should look at that offer low fees and lots of options?

Other info, I am young, my employeer does not offer a 401K and I plan on saving about 30% of my after tax income for growth, retirement and just general savings.

Buy a 6 month CD. I would NEVER recommend a CD for long term investment. I am suggesting you PARK the money until you have learned enough to answer this question for yourself. During the 6 months, INTERVIEW financial advisers to find one that will TEACH you how to make your own decisions.

Well, that's a darn good plan, first off.

Any of the groups you mentioned are great. Have you thought about investing in some individual stocks, too? Look at Washington Mutual (WM) for example. It pays a monster 8% dividend and is currently trading a 52 week low due to the credit crisis. The company isn't going to go bankrupt (if THEY do, kiss our entire financial system good bye, they're that big). Buy a couple hundred shares. If you're concerned about FURTHER dropping of the shares, buy some puts with a long term strike of $25 or so. That'll provide you with some downside protection but quite frankly, the market is full of sheep and they're merely following the other sheep. Be a contrarian, go with WaMu or something simmilar, it's where you should be at the moment.

i am working forex for 5 years
i can help u if u want

You are doing great. I hope you have a ROTH IRA as one of your current plans.

There are some excellent opportunities right now in non-traditional investments that you might consider.

1. Some classic Brittish car models are appreciating 7% per month as junk cars. The people in the UK can't buy these cars back fast enough and at the current exchange rates they are a bargain to them.

2. Our stock market is still unrealistically high and I would not place money in broad stock funds yet. Wait it out until at least springtime. Let the market correct and then buy in cheap.

3. Buy foreign currency. The UK pound and the Euro are good bets.

I totally agree w/ Steven's suggestion. You are definitely on the right path.
Start w/ ur personal bank or Credit union for the rates on CDs. Check out www.bankrate.com and compare the rates w/ other banks. Also, INGDirect is a good bet too to get good interest rates. While your money is parked in there .. getting interest for 3-6 months, you could get yourself knowledge on stocks/mutual funds. After 3-6 months, you could diversify 1/2 of your money into stocks/mutual funds .. Remember, there is risk w/ such investments.. but if you make good trade investments, the returns will be definitely higher than the CDs. Good luck w/ your investments.

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I think you have a great plan there. Like you, the first investment tools that I look at is mutual funds. Because when I am reading up on how this investment house invest, I also come to understand the investment mechanics of investing in company stocks as well, which I am currently looking into it.

Follow your plans. It should work based on my experience.

Under the source, there is a website you can look into to learn abt the investment tools available.

Hope it helps!