In a medium heavy bottomed pot with a tight fitting lid, cook 1 cup of rice according to the package directions.
When rice is tender and all the water has been absorbed, add the sweetened condensed milk, salt, and raisins. Cook and stir over medium heat until thick and creamy consistency. About 8 to 10 minutes. Stir constantly to prevent sticking to the bottom of the pan.
In a small bowl, add beaten egg to ¼ cup milk.
Remove rice from heat and stir in butter and egg/milk mixture. Cook on medium-low heat for 2 minutes more or until desired thickness. Add a splash of milk if too thick.
Add vanilla, butter and a sprinkle of cinnamon or nutmeg to taste.
Serve in individual bowls either warm or cold. Cover leftover rice pudding with plastic wrap and place in fridge.
Notes
Instant Pot Rice PuddingUse your Instant Pot to cook your rice perfectly. Then proceed with the recipe right in the Instant Pot using the cook/sear setting.Chocolate Rice PuddingStir in 2-3 Tablespoons cocoa powder with the sweetened condensed milk for a fantastic chocolate rice pudding. Use a heavy bottomed pot for cooking to prevent scorching.