Live. Teach. Listen.
The inherent beauty of youth is that they will bring a beginner's mind to all things. Some of the tragedy of an elder is that they will approach new problems with old solutions and think themselves wise.
"Respect your elders" is like saying all traditions should be respected just because they are traditions. This is simply not true. Some traditions in this world are horrid, vile things that should be reconsidered and removed since they tear down more than they build up.