In a chilled bowl, beat cream on high until stiff peaks begin to form.
Cover and chill while you continue.
In a large bowl, beat cream cheese, sugar, and vanilla together until well-combined, about 2-3 minutes on high. It's important that the cream cheese and sugar be well-combined, so don't cut this step short.
Fold the whipped cream into the cream cheese mixture until combined.
Chill leftovers.
Video
Notes
The cream cheese should be soft and at room temperature. If it's too cold, it can clump up when mixed with the whipped cream.