In 5 to 6 quart saucepot, heat oil over high heat. Add beef and cook 4 to 6 minutes or until browned, stirring frequently. Stir in soup mix, chili powder, and cumin. Reduce heat to low and cook 2 minutes, stirring frequently.
Stir in remaining ingredients, except toppings, and heat to simmering over medium-high heat. Reduce heat to medium-low. Cover and cook 40 to 45 minutes longer or until beef is tender, stirring occasionally. Serve chili with toppings of choice, if desired.