I share your belief that our elders contain wisdom and skills that should be admired and utilized whenever possible. Several years ago, I cared for my dying grandmother in her home, after my grandfather had died. I tended her garden, I repaired the house, I took her to appointments, I massaged her feet. She had loved me all my life, and it was my turn to care for her. Almost everyone else in the family was completely absent, and didn't even come around for holidays anymore. I am very happy I did that for her, right until her final day, and helped her to finish her life in the way that she thought was best. It seemed most of the family wanted her to be in a care facility, being looked after by neglectful workers. I enjoyed learning from her, and showing her how much I appreciated her. She passed a lot of knowledge to me in her final years.
"Anyways, what I wanted to say is to give respect to everyone. Not just the elderly but everyone. You know the saying Give respect and get respect."
I actually don't agree with this part. We have a saying here: "Respect is earned." In other words, you can show common decency to everyone, but they have to show you that they deserve your respect. I do not respect murderers, for example. If someone is a bad person, I do not respect that. I may show them some decency, and probably just mostly avoid them. But I do not automatically respect anyone. If I did that, my respect would be cheap, meaningless, devalued. I save that for those who earn it.
But I certainly agree we should do our best to cherish the elderly and the stories they can tell us. Our own family members, assuming they aren't wicked people who hate us, should be loved and respected as much as possible.
Have a great day, Pravesh!