Lordship in a kingdom protects the citizenship from competition with their fellow citizens for national resources. It destroys such elements as jealousy, fear, deceit, and hoarding. Submissions to a king as lord, positions the citizen to receive from the king.
If you say that "Jesus is Lord", you are acknowledging His authority over you as well as your responsibility to obey Him. There is no such thing as lordship without obedience.
If Jesus is Lord, He must receive first priority in your life. He is above every other love, every other loyalty, every goal, dream and ambition in your life.
Keep in mind, that you cannot call Him Lord and then make excuses for not obeying Him.
Jesus stated: "If you love me, keep my commandments" John 14:15
"...If anyone loves me, he will keep my word; and Father will love him, and We will come to him and make Our home with him" John 14:23
Living under a lord also means giving up concepts of personal ownership. Now, this does not mean you have to give away all your personal possessions. We enjoy these things as long as we remember who owns them.
In the Kingdom of Heaven, there is no economic crisis and there are no shortages. When we relinquish our sense of ownership and acknowledge God as the owner and ourselves as stewards, we are now depending on Him for our welfare. Keep in mind, He is a benevolent and generous Lord.