In a small saucepan over medium heat, combine the brown sugar, butter, honey, cinnamon, nutmeg, vanilla and salt.
Heat, stirring frequently, until the butter is completely melted and the sugar is dissolved, approximately 5-7 minutes.
Remove from heat add in the hot water stir vigorously to combine. Add in the rum and stir to combine.
Serve into glasses and top with a large dollop of whipped cream and fresh grated nutmeg and cinnamon.