In large mixing bowl, beat eggs with mixer until frothy. Add milk, then add sugar gradually, beat until well blended.
Pour mixture into saucepan, cook over low heat, stirring constantly until mixture starts to boil. Remove from heat, let cool for 5 to 10 minutes. Add 4 table spoon rum flavoring and cool in refrigerator for 20 minutes
Combine confectioners sugar and whipping cream and beat with mixer until it becomes stiff.
Add 1 tablespoon rum flavoring and fold cream into egg mixture, beat with mixer until well blended. Refrigerate at least 4 hours before serving.
Pour into glass, top with whipping cream and sprinkle with nutmeg
Place stick in glass to stir eggnog with for extra flavor.