Use a small sharp knife to slit the vanilla bean lengthwise and scrape out the vanilla beans.

Place the vanilla beans or vanilla bean paste, the egg yolks, and the powdered sugar in a mixer fitted with a whisk attachment. Beat until creamy, about 5 minutes.

Add the condensed milk and white rum and beat until combined.

Transfer the mixture to a double boiler. If you don't have a double boiler, place a smaller saucepan inside a slightly larger one that is filled with one inch of water. Place the mixture in the smaller pan to heat.

Beat the mixture over medium to low heat with a whisk until thick and creamy. About 6 - 8 minutes. Be careful not to let the mixture boil.

Transfer the egg liquor to a bottle. Seal and chill until ready to drink.