Measuring waist?

I got a fitness tape measure today (along with a HRM and digital food scale) and curious what is the recommended way to measure your waist? At navel? At "curve"? Do you suck in your tummy a lot, just aim for what you'd stand like if you wanted to have nice posture, or let it all hang out?

Maybe it does not matter as long as you are consistent as far as tracking, but wondering for the BF% calculators?

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