Experts advise investors to concentrate on manageable factors during market declines.

On Thursday, U.S. stocks experienced significant volatility in response to Russia's attack on Ukraine, causing investors to seek refuge in safe-haven assets like gold.

Despite the current market volatility caused by global uncertainty, financial experts advise investors to remain in the stock market and concentrate on managing what they can control.

Kamila Elliott, a certified financial planner and board chair of the Certified Financial Planners Board of Standards, advised CNBC's Sharon Epperson on Thursday's Financial Faces of Change: Managing Market Uncertainty event recognizing Black leaders that we can't control the markets or what's happening abroad, but what we can control is our spending and debt.

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What you can do now

Record inflation is pushing up prices in America, in addition to geopolitical tensions affecting markets.

During Thursday's event, John Hope Bryant, chairman and CEO of Operation HOPE, stated that there are actions individuals can take to improve their financial circumstances that do not depend on market fluctuations.

To improve their credit score, pay off debt, and save for emergencies, Bryant advised people to cut out bad financial habits, even if they can't make more money.

""By doing less and spending more, your life will change," advised Bryant."

This tax season, many Americans may receive a refund, as both Bryant and Elliott stated. According to Bryant, families could receive larger refunds this year due to the expansion of certain credits under the American Rescue Plan, including the earned income tax credit and the child tax credit.

"Elliott advised, "This is a great time to not procrastinate and file your taxes. Use the refund as your emergency account and your stability over the course of the year.""

What to know about volatility

If the market's recent decline has left you feeling uneasy, it could indicate that you're taking on too much investment risk.

Elliott stated that people tend to assess their own risk tolerance during challenging times, such as when the market is down, and they may become more comfortable with risk, like having 90% of their portfolio in equities, when the market is up 30% like it was in 2021.

But, when markets fall, that's when reality hits.

Elliott emphasized the significance of assessing one's risk tolerance and time horizons appropriately.

It is recommended by financial experts to have three to six months of necessary expenses in a liquid account such as a local bank, high yield savings account, or money market fund, especially for those close to retirement. If individuals do not already have assets allocated with some liquidity, now is a good time to review their portfolio and make changes.

To prevent individuals from withdrawing money from markets on down days and missing out on potential rebounds, it is important to provide them with information about market trends and potential risks.

"During turbulent times, having liquidity is crucial, Elliott stated."

Buying more stocks during volatility can set you up for future gains, according to Bryant.

Going forward, investors can anticipate more market volatility, but they can be assured that the market will remain resilient.

"Sharon Bowen, chair of the New York Stock Exchange, stated during an event that markets dislike uncertainty and that uncertainty leads to the type of volatility we're seeing today. She added that markets have experienced this kind of volatility before. However, she emphasized that a key function of our markets is to ensure they operate smoothly in any condition."

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