What do you think of the phrase "respect your elders".?

I don't think you should respect your elders for being older than you are or for knowing more than you do, but for the mere fact that they worked hard to get where they are now. For example William Gray, he was born into the lower cl but through hard work he became the 9th Lieutenant Governor of Machusetts and one of the richest men in New England. He earned respect and deserves more than say, (no hating just an example) Queen Elizabeth the second. Born rich not really having to work.