You don't necessarily have to do anything once you acknowledge your privilege. You don't have to apologize for it. You need to understand the extent of your privilege, the consequences of your privilege, and remain aware that people who are different from you move through and experience the world in ways you might never know anything about. They might endure situations you can never know anything about. You could, however, use that privilege for the greater good--to try to level the playing field for everyone, to work for social justice, to bring attention to how those without certain privileges are disenfranchised. We've seen what the hoarding of privilege has done, and the results are shameful.