In a large pot, heat the olive oil over medium-high heat.
Add the diced onions, and sauté until translucent. Stir often.
Add the garlic and the tomato paste and stir until the paste deepens in color, about 2 to 3 minutes.
If you're using red wine, add it now and let it simmer for a few minutes to cook off the alcohol. The smell will mellow when it has been cooked off.
Add the meat, breaking it up with a spoon or mash with a fork, and continue cooking over medium-high heat until it is well browned.
Reduce heat to medium, add the diced bell peppers, and cook for about 5 minutes with the lid ajar until they soften. Stir halfway through cooking.
Pour the rice, beef broth, crushed tomatoes, and seasonings (black pepper, paprika, and oregano) (balsamic, optional - it does NOT taste vinegary, trust me!) into the mixture.
Bring the mixture to a boil, then reduce the heat to medium-low or low (whatever works to get a gentle simmer) and cook for about 30 minutes or until rice is tender.
Taste and adjust seasoning, including adding salt if necessary. Usually, beef broth is salty enough, so no salt is included, but add it if you feel it's needed.
Serve the stew hot, garnished with shredded cheese and parsley.