In a medium pot, combine all the ingredients and bring to a boil.
Reduce the heat to medium-low, stirring often with a wooden spoon for about 3 hours or until the color changes to caramel and the mixture is thick as a pudding. Let it cool.
Pour into a glass container and cover. Refrigerate up to a week.
Notes
*Dulce de Leche can be stored in a sealed container in the fridge up to 1 week.*Double the recipe if you need more. It's very easy.