List view threshold :: The number of items in this list is approaching the list view threshold, which is 50000 items

Dears,

I have SharePoint 2010 library list. When I goes to list settings then I am seeing 

List view threshold : 37783 items (list view threshold is 50000).

The number of items in this list is approaching the list view threshold, which is 50000 items.

This threshold is the limit at which tasks that cause excessive server load (such as those involving all list items) are prohibited.

What to do in this case. Do I need to increase the hard disk space of my SharePoint server or RAM. Is this will effect all my SharePoint other sites, lists etc. 

Please your advice to avoid this issue. 

Regards,

Shaji

I am new to SharePoint