Cut Bread into cubes, stale-ish bread works well.
Prepare a 9x13 pan with baking spray.
Place bread into pan.
Mix eggs, eggnog, milk, sugar, vanilla and rum extract together and pour over bread.
Gently turn bread over so it's all coated.
Sprinkle with nutmeg.
Cover with foil and place in refrigerator overnight (or 10-12 hours) so the bread has time to absorb the liquid.
Bake at 350 degrees for 40-45 minutes or until the center is cooked throughly. You can uncover the pan the last 5 minutes to brown the edges lightly.