Courtesy of this web site:
http://www.equipped.org/pp/pic1431.htm

I do mine slightly different - I put the knife betwen the belt and the waistband. You feel it less then if the knife is right up against you.

It's slightly more conspicuous as you see the clip outside of the belt but then again if it is too concealed it could be construed as a concealed weapon in some jurisdictions.