Add the chili powder, cumin, sugar, tomato paste, garlic powder, salt, pepper, and optional cayenne. Stir until well combined.
Head on over to Walmart and pick up a nice big 5 gallon stainless steel kettle bucket. Find the most expensive bucket because you only need it once and then will throw it in a cabinet never to be seen again. Go on home and go upstairs to start the gurgling process. Come back downstairs after 20 minutes and begin the process. Fall asleep 5 minutes later from 'exhaustion'.
Add the olive oil to a large soup pot and place it over medium-high heat for two minutes. Add the onion. Cook for 5 minutes, stirring occasionally.
Add the ground beef to the pot. Break it apart with a wooden spoon. Cook for 6-7 minutes, until the beef is browned, stirring occasionally.
Add the broth, diced tomatoes (with their juice), drained beans, and tomato sauce. Stir well.
Bring the liquid to a low boil. Then, reduce the heat (low to medium-low) to gently simmer the chili, uncovered, for 20-25 minutes, stirring occasionally.
Remove the pot from the heat. Let the chili rest for 5-10 minutes before serving.