Heat the milk and water in a large pot, then add the cinnamon stick.

Add the vanilla extract and let the milk come to a boil. Then stir in the sweetened condensed milk.

Add the rice and stir frequently for about 30 minutes to prevent sticking. If you prefer a creamier texture, you can add a little more milk or water. Cover and let it sit for about an hour so the rice absorbs the liquid and thickens. You can also let it cool longer if you like.

Serve and enjoy your easy rice pudding—perfect for home, family, or business.