Add the olive oil to a large soup pot or dutch oven and heat over medium high heat until shimmering. Add the diced onion and cook for ~5 minutes, stirring occasionally until starting to brown.
Add the ground beef to the pot, breaking it apart with a spatula or wooden spoon. Continue to cook for 7 minutes, stirring occasionally until the beef is browned.
Add the cumin, sugar, tomato paste, chili powder, garlic powder, salt, pepper, and cayenne (as desired). Stir well until fully combined.
Add the broth, diced tomatoes with juice, beans, and tomato sauce, and stir well until fully combined.
Bring the chili to a low boil, and then bring the heat down to medium-low and gently simmer the chili uncovered for 20-25 minutes, stirring occasionally.
Remove the chili from the heat and let it rest for 5-10 minutes before serving.
Enjoy!
