In a large sauté pan, heat olive oil over medium heat. Be generous with the amount used as you want to coat the bottom of the pan.
Once the oil is heated, add the rice to the pan. Sauté the rice with the olive oil for 3-4 minutes or until slightly browned.
After the rice is browned, add the diced onion, minced garlic, diced tomato or salsa if using. Stir to combine.
Add the 1½ cups of hot water, ground cumin, Knorr Caldo de Tomate, and salt to taste. Stir to combine. Cover the pan over medium-low heat and simmer for 8 minutes.
After the 8-minute mark, add the ½ cup of cold water. If it looks too dry, you can add a little more water.
Lower to low heat and continue to cover for another 2 minutes. Turn off the fire and let it sit for 3 minutes covered until the water is gone. Enjoy!