Next, brown the ground beef in a sauce pot (big enough for the chili), until cooked through. When the beef is browned, stir in your tomato paste, and allow it to caramelize a bit.
When the tomato paste is caramelized, mix in your cooked vegetables, along with your wine. Add the chili powder, cumin, Cayenne pepper, nutmeg, salt and pepper to the pot, along with enough water to cover everything (it should be a bit soupy, and it’ll thicken over time).
Simmer the chili, covered, for 2-4 hours on very low heat. Toward the end of cooking, add the balsamic vinegar, then allow the chili cook, uncovered, until it thickens to your liking.
When the chili is ready, season with salt and pepper as needed.
Finish with cheddar cheese and onions, then serve and enjoy.