Alcohol will dry out your skin. That's generally considered a 'bad thing', though no one's died from it in the last 400 years or so.
If you live in the U.S., ordinary store brand Witch Hazel is fantastic as an aftershave, or as a base coat for your follow-up aftershave. It does contain 14% alcohol.
Avoid balms, as they will increase the oiliness of your skin. It's good to keep at least one around for emergencies- like bad razor burn. Nivea sensitive balm is the #1 recommendation by wet shavers.
As for alcohol based aftershaves, if you want to go traditional, there's Old Spice, Pinaud Clubman, Aqua Velva, and Brut. These are often called 'drugstore brands' or 'bottom shelf' aftershaves, though each was a premium aftershave in it's day. The fact that they are still around is testament to the classic and timeless scents each one uses.
Then there are the truly classic aftershaves. Bay Rum, Russian Leather, Lavender and Lime. Each had many different manufacturers, though only Bay Rum has remained widespread.
European aftershaves. Myrsol and Floid are the classics here, though there are also a few lavander splashes from Portugal and Spain that make the list. Also Speick and Tabac, from Germany.
Finally, from the shave Den shop, Shave Milk is the universal elixir. Good for all skin types.
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