Its important to respect and love yourself because that is our best way of respecting and loving others. By this I mean that if you do not respect yourself then you will find it hard to respect others and love them because your mind is in a perpetual state of negativity. This effects you because when in this mindframe things around you become distorted to how you want them to according to how your feeling. This effects self esteem negatively too. When your self respect is low (and due to that your respect for others is low as well) you feel sad and gloomy maybe even a little melancholy. This is due to the state of negativity your mind is in and this can lead to severe and manic depression. I really hope this helps you.